| The road is long and winding when it comes to making | | | | your business. |
| a success of your business and you will be required to | | | | - If your small business rates a tax bill in excess of five |
| make many sacrifices along the way. The payoff at | | | | hundred dollars then you will need to pay quarterly |
| the end when you reach your success pinnacle will be | | | | estimated taxes. Talk to your accountant about this |
| well worth it. | | | | at the earliest, you don’t want to get hit by IRS |
| You can use the tax tips give in this article to help you | | | | penalties, which can impact the cash flow of your |
| in your small business. | | | | business. |
| - When making deductions don’t forget to include | | | | - You are entitled to claim all proven charitable |
| business losses from your personal income tax, | | | | donations, add them to your list of tax deductions. |
| business travel is deductible provided you spend 50% | | | | - Never miss out on deadlines for tax submission – |
| of the trip time on conducting business. Accountants | | | | mark them as reminders a month prior to the date so |
| have an unerring knack of picking up deductible items | | | | that you can be well prepared. There are various |
| – ask your accountants to guide you on all the | | | | deadlines you will have to keep: business filing, |
| deductible items you can claim off your income tax. | | | | employee taxes and sales tax. Each of these has |
| - There are many tax credits that can decrease your | | | | different filing periods. |
| tax burden; some of the tax credits are Disabled | | | | - Always ensure that your books of accounts are up |
| access credit, opportunity credit, research credit, | | | | to date and also that the system you use for book |
| investment credit, employer social security credit and | | | | keeping is the correct one. |
| many others. Here again your accountant will be able | | | | - Save your tax statements and related documents |
| to tell you what tax credits are specifically related to | | | | for a period of seven years, this is standard practice. |