Taxes. Filing taxes for yourself can be complicated, but when filing taxes for your business, the complexities can multiply. To make tax season hassle-free this year, you need to understand the regulations and deadlines. Here are five tips to avoid audits, claim more deductions and reduce overall tax headaches:
1. Record Everything
The healthiest thing you can do for your business is to keep your books up-to-date, clean and accurate. Be sure to keep all of your receipts and preserve other important business documents. That way, you’ll not only be organized, you’ll be prepared in the case of any audits and be better equipped with the right files when claiming business expenses. If you use a bookkeeper make sure you’re they’re using the right cloud applications on your behalf – so your data is always accessible. That way you can breathe easy during tax season knowing that you are covered.
2. Don’t Mix Business with Pleasure
It’s best to have a completely separate bank account and/or credit card for your business. The IRS does not take false claims lightly. By keeping your business and personal expenses separate, you can clearly define what purchases and payments fall into each category. Also,
having two different banking systems for…