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Part of running a successful business is recognizing which functions to do yourself, and which to hire out for. Taxes are one of the first areas that small business owners tend to look for additional help. You hire a tax accountant for one primary reason: you don’t want to pay more on your taxes than what is absolutely necessary.

Yet, the fact of the matter is that your tax accountant may not be doing the best possible job on your behalf. Most tax professionals don’t work proactively, and that costs you money at tax time. There are three reasons why some tax professionals don’t work proactively:

1. They don’t work on a year-round contract.

If you only meet with your … Read more →

There are a number of significant tax advantages to having a business, not the least of which is your automotive deduction. Yet, if you want to lower your tax bill and get the highest possible savings, you need to know exactly how to handle this. If you do it right, you’ll drive your tax bill lower. If you do it wrong, you’ll turn the wrong way and could end up in a head-on collision with an IRS audit.

Here are some car-related expenses and approaches that could save you money come tax time:

General business use. IF you have a vehicle that you use solely for the operation of your business, you can deduct the entirety of the cost of… Read more →

When you have a home-based business, time is truly precious. Sure, you have the flexibility to do things that people who work a nine to five job can’t do, but you also often wind up working much longer hours, too. By the time you’re done working, there’s so little precious time to spend with family, the last thing you want to do is clean the house. For many small business owners, a housekeeper is just the solution they need.

Not only that, if you have a home office where you have customers or clients visit you, you want to make sure everything is tidy and presentable. Keeping your office in top shape is a legitimate business expense. That means tax … Read more →

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