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Top 3 tax tips for SMBs
Now that we're in to March businesses around the US are eyeing receipts, contracts and employee paychecks from 2012, looking for deductions and getting things ready for the Taxman. Small businesses, even sole proprietors are no different. Here are three tips that may help SMBs ready for tax season:
First, get those receipts in order. And while you're at it, start a filing system for 2013 receipts to make the transition simpler in the years to come.
Xero certified accountant Jody Padar suggests, "Establish and maintain an accurate system for storing your recipes. Today's cloud-storage technologies offer a gamut of easy and affordable ways for SMBs to keep track of their expenses. There are even accounting solutions such as Xero that have mobile receipt upload. One click from your camera on an iOS or android device and bid adieu to the crumpled receipt."
Second, broaden your knowledge of the Payroll and Healthcare Taxes
Third, take advantage of business beautification and/or home office deductions. There is an extension for 2013 that will allow businesses to deduct qualifying equipment or software upgrades, up to $500,000. Research this and find out what you should be upgrading now. Also, home office deductions can help many small businesses.
"Starting in 2013, the home office deduction offers a simplified form that caps the home office deduction at $1,500. The key words here are simplified tax form. Home office deductions can be confusing, complicated and a time suck. And, time = money for the small business owner, so this new form is a great option for those who choose not to spend the time calculating home offices expenses, depreciation and carryovers of unused deductions," said Padar.
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