5 Things to Know for April 15
Tax day is fast approaching, and some of you are still looking for some tax filing tips for your business. Don't worry -- FindLaw has you covered.
Here are five things you should know before filing your taxes on April 15:
- Deductions and Credits: The easiest way to save money on your taxes is to know what small business deductions and tax credits are available for your business. Learn about 3 business tax credits that can pay off for small businesses as well as 3 overlooked small business tax deductions. Find out when a business lunch is tax-deductible and see if you can write off work clothes or uniforms as business expenses
- Minimize the Damage: Tax credits and deductions are just one way to reduce your tax hit this year. Here are 5 other ways to lower your small business's tax rate.
- Home Sweet Office: Telecommuting is becoming more of the norm in today's high tech business world. If you worked from home this year, find out how the IRS simplified the home office tax deduction, and learn our top 5 tax tips if you're working from home.
- Forms and Filings: Business tax forms can be even more confusing and time-consuming as personal filings. Make sure you know how to handle your IRS 1099 forms, as well as those small business W-2 forms.
- Legal Assistance: Sometimes the best thing to know is what you don't know. Learn the 5 signs that you need a tax lawyer and not a CPA, and 5 ways to deduct legal fees from your taxes.
Some great software allows us to file our personal taxes online, but our businesses and the tax laws that cover them can be a bit more complicated. If you have questions regarding your business's tax filing, you may want to consult with an experienced tax attorney in your area.
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Related Resources:
- Browse Tax Lawyers by Location (FindLaw)
- Small Business Taxes: 10 Basic Tips for Startups (FindLaw's Free Enterprise)
- How to Deduct Coffee, Donuts as Biz Expenses (FindLaw's Free Enterprise)
- Can Your Business Get an Obamacare Tax Credit? (FindLaw's Free Enterprise)