I know there are many business owners and entrepreneurs (especially those starting out) that are mystified about how to deal with taxes now that they aren't on a standard W-2. Here are a few tips to start out a new business owner on the right track:
1. Track All Expenditures, Expenses, and Income
2. Writing it Off: Deductions
3. Quarterly Estimated Taxes
4. Important Tax Deadlines for Businesses
5. Charitable Contributions
6. Know What You Can Deduct (and cannot deduct)
7. If You Are Really Uncomfortable, Get an Accountant
8. The IRS Can Help (no, really, they can)
Full disclosure - I keep records throughout the year, but I use an accountant to file my taxes to make sure I'm doing everything correctly. Nothing dampens your day as much as finding out you are going to have an IRS audit.
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Author: Aimee Haynes
I motivate, I blog, I listen, I give advice, I help, I create, I work with others, I stand my ground when needed, and I am always open to new ideas. In addition to the qualities that define me most, I'm also a Corporate Law attorney working with entrepreneurs, creatives, and small businesses to help them achieve success.