Tax Tip of the Week: First Time Business Owners

Congrats! You are a business owner! You are out there taking on the world, calling all the shots, doing your thing, but once a year, a dark cloud starts forming over your sunny day. What’s the dark cloud you ask? It’s tax season!

Now not only do you have to file your own personal taxes, but you now have to file taxes for your business also. But don’t go running for the hills or burst into the tears. As miserable as most make the process seem, filing your taxes for your business doesn’t have to be a bad experience. Here are some things to keep in mind during tax time, and throughout the year really.

Keep all your receipts: you’ll be surprised the things that you can deduct!

Collect your records: keep track of all of the money you have going in and coming out
Research: depending on the type of business you are, there are going to be different forms and documents you will need to complete for your business. www.irs.gov is the best place to go!

Pay attention to deadlines: Apart of researching the things you need, make sure you keep track of when they are due!

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