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Top 3 SMB tips to succeed over tax season
April 15 is less than a month away. Is your small business ready? One expert weighs in on how small businesses can succeed over tax season.
Kristina: What is the Nexus backlash and why do small businesses need to be aware of it?
Mark Faggiano, CEO and Founder, TaxJar: Nexus is a tax-jargon way to say that you have an official presence in a particular state and therefore need to abide by that state's sales tax laws. States are becoming more strict on what constitutes nexus, and therefore requiring more sellers to abide by nexus laws. For example, if you sell online via Amazon and have items stored in Amazon warehouses throughout the country, that generally constitutes Nexus and therefore sellers with inventory in those states are required to collect and remit sales taxes for all sales in that state.
Kristina: Tax day is less than a month away at this point, what do SMBs need to be doing to prepare?
Mark: At this point, you should have all of your receipts well organized. Whether you are using a tax preparer/CPA or software, give yourself plenty of time to ensure data accuracy and have several conversations or time to review to maximize deductions. The worst thing you can do is rush your taxes and miss deductions, or make more erroneous mistakes that could trigger audit. If you need more time, consider filing a tax extension.
Kristina: What are your top three tips for small businesses not only for this tax season but in preparation for 2015 as well?
Mark: 1) If you haven't taken a home office deduction and think you may qualify, consider doing it! The IRS has allowed for a simpler way to take this deduction starting this year, and we highly recommend taking advantage of it if possible
2) Test new tools to simplify your bookkeeping and accounting. TaxJar is a sales tax management software created to ease the burden of keeping track of and filing taxes for small and medium business owners as well as accountants with customers in the e-commerce space. Technology is making it easier for merchants to automate back-office so they can focus on selling and growing. Give it a try.
3) Beyond taxes, spend some time looking forward and thinking about how you can grow. It's very easy for businesses to get caught behind and never able to catch up... make sure you are setting aside some time to think about how you can grow your business in the future.
Image via Shutterstock
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