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Owning a business means putting in long hours and lots of hard work. It means putting your business first, even when you’d rather be doing other things. It means learning to wear several hats, and it means putting your own financial well-being on the line. In short, business ownership isn’t for the faint of heart.

There are perks to owning a business, too. In many cases, you have the flexibility that you wouldn’t otherwise have in terms of your schedule. You don’t answer to anyone else; you’re the captain of your own ship. On top of all of that, there are some small business tax benefits that go along with business ownership, as well.

Here are some of the small Read more →

As a small business owner, you do everything you can 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 labor

Of 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 →

That first year or two of business can be a real boon from the tax perspective. If you make very little money or have a loss, you can be looking at a significant break on your taxes. The goal for any business, of course, is to turn a profit. Once that happens, things are quite different from the perspective of taxes.

When your business hits its tipping point and starts to turn a profit, there are some things you’ll want to do to make the transition easier from a tax perspective:

•Begin making estimated tax payments quarterly.

Some experts will tell you that you’re better off waiting to make estimated tax payments on a quarterly basis until you’ve actually shown … Read more →

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