Month: October 2019

3 TAX TIPS FOR SMALL BUSINESSES

With all there is to deal with on a daily basis, running a small business can be difficult enough as it is. Add taxes into the scenario, however, and simply keeping your business above water can seem overwhelming at times. It doesn’t help that most business owners aren’t exactly tax experts, not to mention all of the tax-related details that come along with operating an incorporated or limited liability company. Dealing with small business taxes can certainly be a pain, but there are a variety of things you can do to not only make the process easier, but save money in the long run. Here are 3 tips to get you started:

HIRE AN ACCOUNTANT

It doesn’t matter what tax tips you have on your side; you’ve got to hire a professional to handle the details for you. Anyone who has been in business for a fair amount of time knows that a good accountant can be a lifesaver, especially when it comes to tax info, and specialists like this can really help you boost your productivity. Hiring an accountant will not only ensure that everything is reported properly, but can also help you to focus on what really matters, such as daily business operations. When hiring an accountant, be sure that they are a tax professional and have been working in this realm for a long period of time. Don’t hesitate to compare pricing, either, as some accountants are far more expensive than others, yet perhaps not worth the extra costs.

MAKE PURCHASES WITH WRITE-OFFS IN MIND

Purchasing supplies and other necessities is an essential part of running a small business, but there is no doubt that it can get expensive. When it’s time to file taxes you may be able to “write-off” certain purchases, adding to your refund or lowering the amount of money you’ll end up owing. Write-offs come in all different shapes and sizes, and can include meals and expenses, office supplies and more.

Working with your accountant or tax service is a great way to identify which purchases can go towards write-offs and which cannot, especially if you’re new to running your business. In most cases, however, if an item is purchased specifically to help further your business needs, it will likely qualify as a tax write-off.

KEEP TRACK OF EVERYTHING

Amazingly enough, there are still a handful of small business owners who don’t feel as if they need to keep track of each and every purchase they make. When it comes time to fill out their tax information, however, they often learn the hard way just how important it is to keep an updated, categorized list of purchases.

This is especially true for businesses who wish to take advantage of write-offs, as you’ll need full documentation of each purchase you claim as a business need in case you get audited. There are plenty of programs available online that make tracking expenses a breeze, some of which will automatically categorize purchases based upon your bank account or credit card activity. It’s worth investing in this software–in fact, you may be able to write it off!

There’s no reason to let tax season stress you out unnecessarily. If you keep things in order, it’ll be a breeze.

My Son Got Me a New Bluetooth Device

When my son told me that I needed a Bluetooth transmitter for my old CD player, he may as well have been speaking a foreign language. I have heard of Bluetooth before, but I was absolutely clueless on what it was. He teased me a bit about it because I have the latest mobile phone, and my laptop computer is just a few months old too. Just because I stay current with the newest technologies does not mean I understand all the lingo and pieces of equipment that are associated with them too.

He told me that Bluetooth is just a device that uses radio waves instead of wires.