Tax Filing and Planning Tips for Small Business Owners

By Brandpoint | St. Joseph News-Press, March 24, 2014 | Go to article overview

Tax Filing and Planning Tips for Small Business Owners


Brandpoint, St. Joseph News-Press


(BPT) - With an April 15 tax deadline looming, businesses across the country are preparing to file their 2013 taxes. Tax season can be both an administrative and financial burden. New data reports that only 41 percent of small business owners feel very confident they are maximizing their tax benefits for the 2013 year, according to a recent Spark Business OmniPulse Survey conducted by Research Now. In fact, 22 percent of business owners plan to file for an extension this year. The survey also suggests small business owners are faced with a lack of resources and tools when it comes to filing their taxes.

Fortunately, there are a variety of ways to help prepare your business for tax season and minimize your tax burden. Capital One has a few tips to help small business owners reduce stress and maximize tax benefits:

* Hire a professional. Meet with your accountant before you begin. Tax laws change every year, so a professional advisor or CPA can offer guidance on the latest legislation surrounding eligible tax deductions. Equip yourself with updated information at IRS.gov.

* Organize (and digitize) your records. Computerizing your paperwork is a good way to streamline operations and find forms quickly. The IRS requires that you keep paperwork from the last seven years, which includes bank and credit card statements, transactions and expenses.

* Manage finances year-round. To help maximize deductions, keep a detailed log of expenses throughout the year to easily reference when tax time rolls around. …

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