Small Business Tax Tips

Article Written By: beaupace10

Although you can t avoid paying taxes, you can significantly reduce the amount you have to pay by following the many small business tax tips provided by your Long Beach accountant. Between bills, payroll, marketing, sales, and everything else that goes into running your activity, the topic of taxes can slip between the cracks.

Don t let April 15 sneak up on you, and then dump a huge pile of receipts and unfiled documents on your Long Beach tax accountant s desk. Tax accountants get very busy in the first few months of the year, so start now by compiling all of your information so you can hand it off to him as soon as possible.

Keep any documents relating to your business. If you re unsure whether an item or service is tax deductible, carefully file it anyway so you can get clarification from accountant. This documentation includes, but is not limited to:

* Invoices and bills

* Credit card receipts and bills

* Checkbooks

* Canceled checks or other proofs of payment

* Mileage logs of travel for business purposes

Keeping a calendar of tax deadlines is critical and will reduce your stress. Put paying your small business quarterly taxes and other tax-related items on your calendar. This will also help your Long Beach tax accountant because you ll have up-to-date, accurate records—not to mention the fact that adhering to your tax deadlines will enable you to avoid penalties and interest.

He will always ask whether you contribute to an IRA or another retirement plan. If you do, you re essentially paying yourself instead of the government because you re reducing your taxable income. Put contributing to your IRA on your calendar, and remember that you can make contributions to last year s IRA until April 15.

Many sole proprietors are unaware that their health insurance premiums are tax deductible. If you have employees, your Long Beach tax accountant can also discuss how health insurance premiums paid by you on their behalf may be eligible for deduction.

There are numerous tax deductions for office expenses if you re a small business owner. Ignoring any of them can significantly impact your tax liability, so remember to keep all of your receipts and review all of your business expenses with your Long Beach tax accountant. Here are just a few of the many office expenses you can write-off:

* Credit card fees, ATM fees, and interest

* Business-related books, trade publications, magazines, and newspapers

* Business cards and stationery

* Promotional items

* Mobile phone (if more than half of use is for business)

* Cleaning services

* Internet access

* Postage and other mailing costs

* Software and hardware

With tax season right around the corner, now s the time to take stock of your business and get your tax information ready for your Long Beach tax accountant. Remember that the cost of having a professional prepare your taxes pales in comparison to the amount of time you would spend doing them yourself (time you could be using to grow your business!).

About the Author

Beau Pace - Personal Accountant, a leading accounting and tax services firm in Long Beach, California. Visit www.personal-accountant.com for more information.

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