by Jill Hart,
published:
syndicated: 0 | total views: 5081 |
word count: 627
laesbarhedsindex readability score: Average Readability
on the net: http://www.cwahm.com
UNITED STATES, Feb 10 — Tax season is one of the most nerve-wracking times of the year. From putting together all of the necessary tax documents to finding the right accountant, taxes can be time-consuming, frustrating, and a major challenge. Add in a home-based business and taxes can be downright overwhelming. Do your homework when it comes to taxes and find an accountant that you trust to guide you through the tax maze
T
ax season is one of the most nerve-wracking times of the year. From putting together all of the necessary tax documents to finding the right accountant, taxes can be time-consuming, frustrating, and a major challenge. Add in a home-based business and taxes can be downright overwhelming. However, there are some things you can do to make your tax season a breeze.
Choose Your Accountant Wisely
One of the most important decisions you’ll make as a business owner is who you will choose to help you with your bookkeeping and accounting needs. Research accountants in your area and look for one that specializes in small business taxes. Ask if they will prepare both corporate and personal returns if needed. Make sure your accountant is clear on how they charge for their time - especially for questions over the phone.
I once worked with accountants who worked with large corporations. They were used to having very little contact with their clients, however with a new corporation I had many questions about how things worked. Needless to say it didn’t go well. Our current accountant specializes in small businesses and is available by phone or email if I have a question.
Set Up Your Business Accounts Properly
I was told early in my business career that I must make sure to keep my business accounts and personal accounts separate. When I first began running my own business I simply added a second checking account to use for business purposes. There was no cost to do so I was able to set my income aside in this separate account.
I also set up a savings account to set aside my taxes each month. This was a big help at the end of the year knowing that all of my taxes were set aside and I could relax instead of scrambling to come up with the money.
Keep Good Records
Another way to keep tax season stress-free is to keep business receipts throughout the year. I keep a separate file in the filing cabinet next to my desk just for this purpose. This way I have everything in one place when tax season arrives. If you don’t have room for a filing cabinet, consider an expandable folder categorized A - Z. That way you can still divide up the taxes by topic, and won’t have to do that come tax season.
Keep records of your business expenses throughout the year. Request a list of items from your accountant or tax professional, so that you will know what items to track. Be sure to ask what counts as “business expenses.” There are certain deductions that you can take for your home, car, and utilities. Consult your tax professional about these deductions.
Know Your Tax Facts
It’s important to know the date that your taxes are due. Many S corporations are surprised when they discover that some of their tax forms need to be filed by March 15th and not April 15th. Another surprise to some home-based businesses is that if you pay subcontractors over $600.00 a year, you need to send them a 1099 by the end of January.
There are many places online to find more information about taxes. One great place to find more information is the Internal Revenue Service (IRS) website at www.irs.gov. They have sections with helpful information on both personal and business taxes. They also list contact information for local IRS offices where you can also find help.
Don’t ignore the taxes involved with running a home-based business and hope it will all work itself out. It takes planning and effort to be prepared for tax season. Do your homework when it comes to taxes and find an accountant that you trust to guide you through the tax maze. With the right preparation and help your tax season can be stress-free.
Communicate directly with Jill Hart, the author of this article. Ask questions, send suggestions, comments, engage in conversation, or perhaps you would like to submit a project.
Click Here to ask a question, send a comment, or proposal.
As a Certified Professional Organizer® one of the services I offer is coaching new professional organizers to help them start their business and guide them to success. Here are eight business strategies that can help any independent contrac
Take a look around and you will see a lackluster economy in many countries around the world. While some of this does have to do with financial crisis, much more has to do with poor management.
Leading scientists in the US have put together a bionic eye which runs on light, it has been widely reported.
The brand new device which has been developed by a team at Stanford University in California, works with the use of specially designe
All over Sydney people are moving about- moving in and moving out of houses, apartments, offices and other buildings. This has caused many furniture removals companies to flourish in Sydney, so residents have no trouble at all when it comes to findin
A number of leading rubber manufacturers from all over the world will be descending on a key conference next month to give their views on the industry.
The World Rubber Summit 2012, which is going to take place at the Raffles City Conv
Business correspondence is being defined as a way of communication through the exchange of letters. These are the letters written or received by two or more parties which may come in the form of letters, emails, text messages, voicemails, notes or po
This article looks at how to go about creating a business plan that has direction and can lead to success. It lists the eight simple steps for creating a plan. These include a business name, a vision, a mission statement, objectives and goals, SWOT,
A startup business requires careful planning. If you are thinking to start a business the very first step, which you have to accomplish is to develop a business plan that will lead your business towards success. A business plan requires careful and a
If you are a business do you know all about this? Surely it will help to grow your business successfully. Many people want to start small business. But they don’t have right information. Because of incomplete knowledge they fell in business. They req
Financial projections are one of the most important sections in a business plan that requires careful planning. It is necessary that the assumptions you have made in financial statements should be realistic, otherwise, your potential investors and le
The trend of telecommuting is on the rise as employers begin to see the savings involved in both gas and office space. With gas prices at an all-time high, many Americans are looking for ways to do less driving and more companies than ever before are
Tax season is one of the most nerve-wracking times of the year. From putting together all of the necessary tax documents to finding the right accountant, taxes can be time-consuming, frustrating, and a major challenge. Add in a home-based business an
The phone was ringing and I couldn’t find the energy to answer it. I knew I should answer, needed to answer, but couldn’t summon the strength necessary. I’d been fighting the discouragement and frustration of a lingering illness for months and didn’t
It seems everyone these days is talking about blogging. Everywhere I go, I find articles and forums devoted to this craze. I also have heard from many home business owners who are trying to figure out what a blog is and how they can use one to their
Syndication
tweet
PDF version
Printable version
Publisher HTML version
Discussions (0)
Email Article
Post New Comment