Last Minute Tax Tips

If you’re a procrastinator like me, then you’re just starting to prepare for the upcoming tax due date. As it turns out, you’re not alone. Many firms responsible for sending out tax information to the taxpayers don’t even deliver the information until February or March, making it very difficult for those taxpayers to get their tax returns done on time. In fact, over 40% of Americans file after the beginning of April. If you fall into this category, don’t be discouraged and give up on your tax returns! There is still plenty of time to get it all done! Here are some useful tips to getting your tax return filed properly in the next two weeks.

File Online. One of the best moves during this tax season is for you to file online. A great (and surprising!) thing about filing online is that there have not been very many computer problems, and the IRS is only working to make it better by improving the process. Over two-thirds of people filed online last year, and that number will only be increasing. The updated and improved website will help guarantee few problems. However, it is always advisable to not wait to file online until the night before taxes are due as websites and the internet in general can be very unpredictable when too many people are using them. Continue reading

Maintain Your Business: Common Tax Deductions

January is winding down meaning that tax season is officially upon us. Gone are the carefree days of the holiday season and now the inevitability of taxes is looming ahead. Don’t lose heart though! Paying taxes is a requirement but paying too much in taxes is not. 2011 presents new opportunities to excel at preparing your taxes by using the allowable deductions to your advantage. Here are five of the most commonly missed tax deductions. Learn them. Love them. Use them on your tax return this year. Continue reading

Expanding Your Business by Building Business Credit

Once your business is up and running, expanding is the next logical step! A business can never have too many customers, but as the old saying goes, it takes money to make money. Finding the financing for more advertising or creating new products can be tricky and in many cases, an entrepreneur has already tapped into all the usual (and easy!) sources- family, friends, and personal credit cards. Fortunately for the wise entrepreneur, there’s still one major source left: business credit.

1) What is Business Credit? Business credit is very similar to personal credit. It allows a company to get financing under the business entity’s name and is based on an assessment of the business and its finances by established business credit bureaus. Continue reading

Hot Topics: Small Biz Marketing and Accountant

While your business may be in the idea or infant stage, it never hurts to keep an eye looking forward. There are so many facets of business to worry about, it can cause confusion or even decision paralysis. Don’t let this happen. Try to take each issue separately as to not become overwhelmed.

Effective marketing is a hurdle entrepreneurs often struggle with. Each entrepreneur dreams of one day having a strong marketing reputation such as companies like Nike and Apple whose marketing has been key to their success. Smaller companies though, must focus on strategies that fit their resources and adapt to their customer base. So though you may be well on your way to being the next Apple, make sure you market your company in a way that is best for you on the business level that currently fits you.

Finding a good accountant can be important as your business grows. Certain accountants have special credentials and their utility should not be overlooked when making important financial decisions. Look through MyCorporation’s CPA Directory partner under the “Professional Guidance” portion of our partner page ( http://www.mycorporation.com/partners/ ) to help make the right choice of accountant for your specific business needs.

Take a look at this article for some quick advice on these two hot topics and continued success from the MyCorp Staff!

http://www.latimes.com/business/la-fi-smallbiz-qa-20100628,0,1562411.story

Thinking About Next Tax Season

Now that taxes are done for 2009, you may want to just put it all behind you and not worry about it again until next year.  However, tax savings are a year-round opportunity.  Businesses should work to maximize tax savings all year long so that next tax season is a good one.

There’s no time like the present to think about saving on taxes. Business tax deductions you should consider include the following:

  • Auto expenses
  • Expenses of going into business
  • Education expenses related to business or trade
  • Legal & professional fees
  • Business entertaining & travel
  • New equipment & software

The IRS states that any “ordinary and necessary” business expenses can be subtracted from your business income prior to being to taxed. The general rule is that as long as the expense is made for business (not personal) purposes, you can deduct it from your business income.

To ensure that you don’t miss large deductions that could save you a great deal of money, it is wise to consult with an income tax professional.  If you require professional assistance, we’re pleased to connect you with our network of professionals.  Click here to submit your request and you will be connected with CPAs in your area.