Archive for Taxes

Jan
11

Save Money and Hire a Professional

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hire-professional-serviceWhen you run your own business, your day is filled with communicating with clients, implementing services, managing employees, troubleshooting customer service issues, handling daily tasks and more.  Before you know it, the year passes on and tax season creeps up on you, again.  The idea of finding time to dedicate to tax preparations while continuing to run your own business at the current pace becomes a pressing concern.  How are you going to squeeze in time for tax preparation?

It is a valid question.  Business taxes are a tricky thing to file without the proper knowledge. It is not something a business owner can afford to know partially, and wing the rest.  Taxes need proper attention.  Someone who has knowledge, experience, and an expertise in the field is the professional you should hire to handle it.  For what if you do your own business taxes, miss specific steps, and leave out pertinent information due to lack of knowledge about business taxes?  This ignorance may cause an audit to be unleashed upon your entire business of operations using up more valuable time and money than you have to spare.

Another arena difficult for business owners to process is payroll.  Payroll is an aspect where hiring a professional is a good choice optimizing your time towards other business responsibilities.  There are professional services that solely supervise payroll functions.  They are experts in the field with experience.  Hiring a payroll service makes sense.  They are able to manage the books leaving you with one less thing to worry about in an over-capacitated list filled with responsibilities.  Professional service would be able to ensure your workforce is paid on-time.  It causes a positive chain reaction amongst the employees.  The extra money spent is worth it.

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Owning a small business provides an advantage during tax time.  There are several tax breaks available for small businesses but it is a matter of knowing these deductions and business tax credits before filing out your business tax return.

Professional Fees

The majority of professional fees are deductible from taxes depending on the timing of services.  This includes attorneys, tax accountants and consultants.  It works in the following manner:  If you hire an attorney in December 2009 and services are completed within the same year as the bill statement, then you may write the expense as a business tax deduction.   On the other hand, if you receive a bill for 2009 and the services handled will not occur until 2011, then you cannot file for a business deduction.   Remember to keep track of professional fees.

Promotional and Sponsorship Opportunities

A clear scenario enabling tax deductions is claiming title sponsorship for an event, program and/or sporting event.  An event and/or team named after your business results in visible evidence of a promotional effort upon your behalf.   A concise connection is created allowing the tax deductions to be listed.  You must do your research to discover how much subtraction is permitted.

Charitable Contributions

Certain charitable contributions do qualify as a tax break.  You must investigate to ensure it is eligible though.  For example, if you donate office equipment to a school, it may be suitable as a deduction.   However, if the items are fully depreciated, you cannot claim it as a deduction.

There are also automobile, travel and moving expenses available for tax deductions.  Just be thorough in your search.  Explore your small business options.  You may qualify for an additional amount than initially conceived.

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Categories : Small Business, Taxes
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