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Category: Taxes

5 Helpful Tax Time Tools for Stressed Out Business Owners

Woman doing her taxesContributed by Julie Morris

Though it’s still a few months away, you’re probably already starting to feel some anxiety about tax time. Adding one more thing to a busy business owner’s to do list is bad enough but the stress of making a mistake on your taxes can be maddening. The good news is there are many helpful tools for business owners to better navigate this “taxing” process. Here are a few to check out.

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Crunch Time Tax Tips for Small Businesses

Doing your taxesContributed by Jeff Watson

Everyone feels the impact of tax time, but small businesses especially feel the stress when looking to save money and maximise deductions and credits to help their bottom line. There are some ways that small business owners can better survive tax season, so here are crunch time tax tips for small businesses to help you keep your sanity intact.

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Employees Can Deduct the Mileage Employers Don’t Reimburse

The purpose of the IRS Standard Mileage Rate is not to require that employers reimburse employees for mileage at that rate (or at all, in fact), but to give the employee a rate for mileage deductions at tax time, as well as to give employers a reasonable reimbursement rate based on current research.

The rate gives employees a chance to get compensated either through payment by the employer or as a deduction for business related mileage on their taxes.

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