Tax time can be a stressful time for many business owners. It can be confusing keeping on top of deadlines, changing rules and deductions.
The best place to start with your taxes is by enlisting the help of a tax professional to make sure you’re on track with your deductions and tax obligations. You don’t want to claim for deductions you later find out you’re not eligible for, as strict penalties could apply. The good news is that the money you pay for professional tax advice could even be deductible in your next tax return.
Here’s a quick guide to help you streamline your tax deductions.
· Know your industry
· Know what you can’t claim
· Keep efficient records
· Stay informed as things change