Practical Tax Tips For Small Businesses
Clear advice to improve your tax management and maximize savings
- MAXIMAZING DEDUCTIBLE EXPENSES
- STEP-BY-STEP FILING CHECKLIST
- UNDERSTANDIG TAX CREDITS
- NAVIGATING SELF-EMPLOYMENT PRACTICES
- AVOIDING COMMON FILLING ERRORS
You can deduct ordinary and necessary expenses related to running your business, such as office supplies, utilities, business travel, and professional services.
Keep detailed records and receipts to support your deductions and ensure compliance with tax regulations.
Self-employed individuals typically file using Schedule C along with their personal tax return to report income and expenses.
You may also need to pay self-employment tax, which covers Social Security and Medicare contributions.
Estimated tax payments are generally due quarterly if you expect to owe $1,000 or more in taxes when filing your return.
Making timely payments helps avoid penalties and interest charges on underpaid taxes.
Yes, if you use part of your home exclusively and regularly for business, you may qualify for home office deductions.
Calculate the deduction based on the percentage of your home used for business purposes.
Maintain organized records of income, expenses, receipts, invoices, and bank statements for at least three to seven years.
Accurate documentation supports your tax filings and helps in case of audits or reviews.
Get Personalised Tax Support
Connect with our experts to tailor tax solutions that fit your businesse needs.
Get Personalised Tax Support
Connect with our experts to tailor tax solutions that fit your businesse needs.
