As a business owner, what is your number one tip or resource to ace tax season? ~This may be most helpful for those who are newbies at doing their own taxes and/or just starting to run their own business. I learned the hard way and it may be extremely obvious to some but I always thought since I first started running my own business, no matter what I made, I would be able to deduct everything and therefore it was worth hours of adding up medical bills, car expenses, donations, my business deductions (rent/utilities) etc...but all to find out at the end that the standarized deduction was MORE. And just like that an entire work day was wasted. The standardized deduction changes *slightly* year to year and the $$ cap they say you can make in your business and still not have to turn it into taxes changes changes too (just call a CPA or accountant real quick or look online for free to find out), but if you don't make more than for me about $5,000 a year then-yes save your reciepts but do not waste anytime trying to deduct any of it. Take the standarized refund instead, this year it is higher, $12,000 so you may even be less likely to get a refund than last year unless you are really working part-full time with your business and putting a lot into it as well. *Bottom line-Use the tax assistants that are online to help espcailly when doing your own taxes as things are always changing and check the $$ cap your business can make without having to legally input it/waste time with deductions. (You still save all your receipts and rental fees, supplies needed, mileage ect....). Also, it is worth time to double check to ensure you really didn't go over the standardized deducation by the way, if you were already along the way entering it into excel were it adds the money up as you go for you even and makes it so simple!
... View more