By David Nilssen, CEO & Co-founder of Guidant Financial
As “chief cook and bottle washer,” America’s small business owner has enough on its plate. Tax time only increases the workload as many frantically pull together their financial records so that they can maximize their deductions. While I’m not a tax professional (this is my disclaimer that this is for educational purposes and to not misconstrue this as advice) my company has worked with over 8,000 entrepreneurs and I’ve noticed common mistakes that many small business owners make in regards to their financials.
Here are just a few of my observations:
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Tax time is rough for everyone, but it can be particularly brutal for business owners. Everyone needs a little help from time to time, but business owners need to find every break they can to help them stay in business and grow their company.
However, these breaks aren’t just handed to you, and you have to know what they are ahead of time to take full advantage. According to an Outright study completed last year, business owners leave two major tax deductions on the table every year… and taking these deductions could save them tons of money! Continue reading