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BizReport : Research archives : March 16, 2017

Top 2 tips to survive tax season

Tax season is here, and that has many small businesses sweating - Are the receipts in order? What about payroll taxes? What happens if there is an audit? Here are two tips to help SMBs prep for and survive tax season.

by Kristina Knight

Deductions - 38% of SMB owners ask about deductions during tax season

"Deductions are once again the hottest ticket item this year. People want to know what the can save on and what they can write off. Most common tax deduction request? All about pets. From horses to pet food, vet bills and doggy daycare, plenty of people have tax questions about their pets. Second up, plastic surgery. So if you have a pet, or an upcoming surgery, talk to your accountant before taking deductions," writes Xero.

Accountants Can Advise - 90% of SMB accountants consider themselves advisors for their clients

"That means going beyond valuable number crunching and including more strategic consultancy services. As strategic advisors, 77% of respondents find that they increase communications with their clients leading up to tax season. More than half (55%) said they speak with clients at least once a month. Nearly 70% of respondents said they are regularly consulted as part of major business making decisions, and feel that they are responsible for educating their clients on industry trends," writes Xero.

Tags: small business tips, SMB tax tips, tax season tips, Xero

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