Tax preparation season has arrived and it comes with forms and regulations that every small business owner should have and know. Enterprises TV reviews a few basic tips for the independent and small businesses.
Contact a professional, licensed or certified tax preparer if one is not already chosen. Be wary of hiring anyone to do business tax filing that has not done it before.
Collect and compile all IRS tax forms needed, business-related receipts, Affordable Health Care documentation, business mileage logs, and employee and contractor W-2s and Form 1099 and 1099-K forms.
Make an appointment to meet with the tax preparer and get it done in one meeting.
The IRS made it easier for independent business owners to deduct for home offices. Work from home business owners can now deduct $5.00 for each square foot of the home office, up to 300 feet. The work from home business owners can possibly deduct up to $1,500 a year with this deduction.
Small business owners who provide health insurance for employees can claim a credit for it. To qualify, the business must have 25 or less employees, with an average salary of less than or equal to $50,000, and the company must cover at least 50 percent of the insurance premiums. The Enterprises TV show suggests working with a tax preparer who understands the complexities.
Once taxes are filed, take steps to be better organized next year with reliable tax software and organize record keeping.