5 Top Tax Tips for Your Small Business

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5 Top Tax Tips for Your Small Business
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• Thoroughly unenjoyable to most business owners,
  tax filing is an inevitable consequence of
  running a small business, but if you know how to
  maximize your deductions or employ somebody who
  does you could help your business enjoy its
  biggest refunds yet.
• Below are 5 tips for getting the most out of your
  small business taxes

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• 1.Use tax filing software or outsource to an
  accountancy firm who use it
• Most modern business owners already make use of
  tax filing software, or employ an accountant or
  accounting agency who do, but if youre still
  scribbling things down with a pen in an old
  notebook, its definitely worth getting with the
  times! There are a variety of softwares
  available TurboTax and TaxAct are just two
  and they help you save your work and make swift
  adjustments as and when needed.

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• 2.Be clear on the tax code in your state
• While the federal tax code is the same for all
  small businesses, within states, tax laws can
  vary significantly, and not knowing about
  applicable deductions in your state could see you
  paying more in taxes. By consulting with a tax
  professional or hiring a certified accountant,
  however, you need not miss out on valuable
  refunds.

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• 3.Hold on to your receipts
• As you will doubtless already know, business
  expenses get written off differently to your
  personal ones, and in many instances, youre able
  to declare items youve purchased for your
  office, as business expenses. You may even be
  able to get a refund for office space if you work
  from home a tax professional will advise you on
  this.

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• 4.Have your business registered properly
• Tax laws treat different business structures in
  very different ways, and whether yours is an
  S-Corp, LLC, LLP, trust or something else, you
  may be in a good position in tax terms, or you
  may benefit from adjusting the structure to get a
  better outcome when it comes to tax season. As
  with any tax related issues, a professional tax
  or accounting advisor will be able to guide you.

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• 5.Account for all carryovers
• Your small business may be continually creating
  new expenses and receiving funds, making it
  somewhat confusing as to what belongs where, and
  what should be carried over from accounts opened
  a year ago, for example. The best way to avoid
  any confusion and not miss out on potential
  deductions, is to create a special file for your
  carryovers, and be sure to account for them all.
  If you have an in-house accountant, or work with
  a remote accounting team, you can have them do
  this important task for you.

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• As technology advances and more and more
  accounting agencies offer their valuable services
  remotely, getting your taxes right need not be a
  big deal. In fact, with so many experts on hand
  and software to help even the most reluctant of
  business owners, theres no reason why the tax
  man cant become your friend, instead of your foe!

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• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax services in Fort
  Lauderdale. If you are looking for individual
  accountant in Fort Lauderdale, Heyer Associates
  would be a right option.