For many businesses, especially small businesses, taxes can be quite a handful. Moreover, it’s not just paying taxes, it’s knowing what can be taxed and/or deducted. So, we made a list of things every business should know about taxes, along with various tips for your business tax. This will help make our tax life a lot easier.
Make sure you keep Track of Everything
While we realize this may seem like one of the most obvious tips for your business tax, many businesses forget to keep track of everything. Every expense, purchase, deduction, refund and even car mileage – keep track of them all. This helps you file accurate taxes. Remember, an inaccurate tax filing can lead to legal problems.
Separate your Expenses
One of the most important tips for your business tax is to always set apart your business expenses from your personal ones. Your personal expenses are not … Read the rest