Small Business Tax Tips for Success

Posted on: February 23, 2017 By: Risk Management Blogging Team
Small Business Tax Tips for Success


If you have a small business, consider these tax tips to help you out with the tax season that looms large over every small business.

The filing deadline for C and S corporations may be a few months away, but getting your taxes done sooner than later takes away most of the stress, so why not start now? If you are the owner of a small business, here are a few tips on how you can make tax season a little easier.

Small Business Tax Tips

  • Ensure that you keep your business and personal expenses separate by opening different checking and credit accounts for each.
  • Keep track of all your business expenses in the easiest way possible: Keep your receipts and input them into your accounting software every week–same day, same time, to create a habit.
  • You can deduct educational expenses that you took to maintain or enhance knowledge and practice about your field.
  • If you have unused or unsold inventory, you don’t have to waste money in storage because you can always donate that inventory to charity! It is worth noting that donations of over $500 have a more rigorous application process.
  • With gas prices increasing, take the gas mileage deduction with your business-related driving. There are many apps that can help determine how many miles you have driven during your business hours.
  • The costs of building are called “capital expenses,” and during your first year as a business owner, you can deduct up to $5,000.
  • Make sure that you know which employees will require general W-2 and which will require a 1099-Misc. form.

Tax season is a time in which you can help your business, but are you protecting your business from all other dangers? For help acquiring the right business insurance for your business, contact the independent insurance professionals at Risk Management LLC in Brookfield, Wisconsin.

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