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As a small business owner, you do everything you can do to remain profitable. You carefully watch expenses, you work long hours, and you strive for efficiency.

One of the expenses you can’t avoid as a small business owner is taxes. If your business makes money, you’re going to owe taxes. Fortunately, there are plenty of small business tax deductions available that help.

Here are some of the most overlooked small business tax deductions, and what you can do to take advantage of them:

Child LaborOf course, we’re not talking about sweatshop conditions for poor inner-city children here. We’re talking about putting your own family to work in your small business.Depending on the amount that you pay your children… Read more →

Your small business rises and falls on efficiency and professionalism. If the people doing your work aren’t talented and precise, it will cost you money and hurt your business. This principle extends outside of your core business to every aspect, including things like accounting and tax preparation.

When you’re hiring a tax preparer, there are some specific questions you need to put out there and see where they stand. Before you hire a tax professional, ask these 10 questions of your tax preparer;

What are your professional designations? Depending on the type of tax preparer you’re working with, there are usually licensing and industry requirements. For example, CPAs have to meet specific criteria, and they’re able to represent your… Read more →

Having a small business can, for some people, actually be beneficial in terms of taxes. The amounts and types of deductions you can qualify for can, especially for a business in its early days that isn’t making much money yet, put you in a position where you owe very little in taxes.

While you work hard to make sure that all of your financial information is in order and that you’ve properly filled out your tax return forms, sometimes errors happen. When they do, you may have your tax returns rejected by the IRS. You’ll be responsible for amending and resubmitting it. Keep in mind that the vast majority of E-filed tax returns rejected are due to simple math errors … Read more →

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