Article Category: Business Accounting
3 Tips for Your First Business Tax Return
Posted on: May 3, 2012
You’ve started your own business, and now it’s time to file your first tax return. Even if you hire a business tax preparation specialist, you will need to have your files in order and make some decisions on how you want to file your return. Here are 3 tips to help with your first business tax return. Make sure you carefully review the entire form. It can be easy to miss what you enter where, so make sure to completely review your business tax return to avoid mistakes. There may be questions about the nature of your business, how many … Click to Read More
Common Small Business Financial and Tax Mistakes
Posted on: March 12, 2012
What are the most common tax mistakes for small businesses? Four small business tax mistakes topped the list of a recent Xero survey of 500 accountants. Failure to separate business and personal expenses Mixing business and personal expenses was the top mistake noted by 45% percent of those polled. Without professional help, you may trigger an IRS audit or be noted to have excessive income deductions. Forgetting to count the home office A small business’ most commonly overlooked deduction is the home office, said 29% of the accountants. Some home expenses can be deducted and lower your taxable income, but … Click to Read More