It’s tax time and you don’t have receipts for last year’s business expenses. Now what? You can still claim deductions on your taxes without receipts for every transaction. Keep in mind that you don’t have to send your shoebox full of receipts to the IRS. You’ll only need them if you’re audited (which can happen … Continued
There are many obvious perks that come with owning your own business, including setting your own schedule, being your own boss, and having control over your career. But there are also many tax benefits business owners can take advantage of to maximize their profits. Here’s a quick guide that covers important tax deductions for your … Continued
If you’re wondering, “How many years can I take a loss on my business?” then you’re probably reaching a point where you’ve been claiming too many losses on your taxes. The Internal Revenue Service (IRS) only allows your business to be in the negative for a certain number of years before it declassifies it as … Continued
Whether you know it or not, you could be leaving hundreds—even thousands—of dollars on the table by missing a few lesser-known small business tax deductions. Entrepreneurs often miss some small business deductions they could qualify for because they didn’t keep accurate records throughout the year, or they shy away from the complications of itemizing each … Continued
Financial reports can be an incredibly helpful tool for small businesses. They can help you determine how much money you can pay yourself each month. Or they can help you decide if it’s time to expand your business. As helpful as financial reports are, they can only help you if you understand how to … Continued
Tax day has come and gone and you didn’t have time to file your taxes. As long as you filed a tax extension, you have an extra six months to get your tax return to the Internal Revenue Service (IRS). The IRS will allow you to file an extension for any reason, as long as … Continued
Knowing when your business taxes are due can be stressful. It’s important to submit your information by each deadline to stay compliant with the IRS. As we approach tax season, you’ll want to pay attention to the following dates and mark them on your calendar: January 15, 2020 If you made 2019 estimated tax … Continued
When you’re starting out as a business owner, you’ve got to be scrappy. There’s no shame in trying to save a few dollars by managing multiple aspects of your business yourself. However, as your business grows, you’ll find that an endless list of “to-dos” makes it hard to do it all. You may find … Continued
During tax time, it goes without saying that pulling together the receipts and invoices, filling out the paperwork, and making sure you’ve got all your deductions lined up and in a row takes more time than you think. As we near the tax deadline, you might be thinking that it’s time to consider filing … Continued
It’s a new year and you’ve got a list of business goals that you’re ready to tackle. Not so fast though – you’ve got to prep & file income taxes! Maybe you’re ahead of the game and spent the last quarter of 2018 pulling it all together, or maybe you’re a tax expert and you’ve … Continued
