Small business owners know tax time is an all-year-long process. With new tax rules in effect, GEICO has four tips that could save you and your business some cash:
- Plan: Organize your paperwork and receipts on a standard schedule. With estimated quarterly taxes and monthly tax deposits due, sticking to a reporting schedule helps you avoid fines and late fees.
- Confirm: Check to make sure you and your employees have the correct deductions. According to the IRS, your commercial insurance policy premium is generally tax deductible, as are legal and accountant fees for your business.
- Document: If youre taking business deductions, make sure you have the receipts in either print or electronic form. If youre audited and cant provide proof of such deductions, youll face hefty fines that could cost you significantly.
- Guarantee: Visit a CPA or use tax filing software that offers an accuracy guarantee. If a problem does arise, youll have resources to help fix the issue.