How to Get the Largest Tax Return Possible for Your Small Business
There is nothing like getting slammed at tax time with huge payments you did not expect.
With a little knowledge, this kind of terrible surprise can be avoided.
If you need a little help with maximizing your tax return, look no further. The guide below has simple tips to make sure you don't miss anything this year. We'll show you how to get the largest tax return possible!
Keep Track of Everything
Start by keeping track of all income and expenses to maximize your tax return.
Keeping Track of Income and Expenses
Note the income you have made during the year, and project the rest of the year based on workload.
If you notice that you will have more payments coming in before the end of the year, it might be a good idea to spread them out over time. If more payments come in after the tax year is over, you won't have as much taxable income to be responsible for.
The best way to ease your burden when it comes to tax time is to categorize expenses when you record the purchase.
You may want to check your tax forms and use the categories that are listed on the tax forms to streamline everything. Then there are no hiccups when it comes time to fill out forms and add up all the expenses.
Find All Your Credits
Tax credits give you money back in your pocket right away. Try a free consultation early in the year. The sooner you know about possible tax credits, the sooner you can check them off your list so that you are ready when it comes to tax time.
You can earn credits if you did research and development, did something to go green this year, or offered health insurance. There are plenty more - make sure you know your options!
Find All Your Deductions
Deductions don't put money right back in your pocket immediately, but they do reduce your amount of taxable income, so they are still helpful. Remember, you are keeping track of your expenses already.
Part of how to get the largest return possible is finding unusual deductions you may not have known about. For example, did you know gifts for advertising can be deducted up to $25 per gift?
Some continuing education expenses are tax deductible. You can also deduct expenses for certifications.
If you have business debts you're paying on, check into deducting the interest you are also paying every month.
Want to Know How to Get the Largest Tax Return Possible? Contact an Expert!
Now you know how to get the largest tax return possible: keep track of everything, find all your credits, and find all your deductions.
To identify every opportunity available, sometimes you need to hire a professional, and we are here to help. Let's start today!