Are Taxes Stressing You Out?

Tips for Small Business Owners to Help Survive Tax Season

taxes stressing you out

It’s no secret that tax time can be extremely stressful, especially for already-busy small business owners. It doesn’t have to be a struggle, though, as long as you’re well informed and prepared. Using some simple tax-planning and saving tips will take the stress out of tax time.

  • On time and Online

Don’t ignore filing deadlines! The longer you wait, the higher the penalties. It’s easiest to just do your return online – you can do it whenever it’s most convenient for you, so you’ll be saving yourself time and hassle.

  • Maximize Non-Capital Losses

If your expenses exceed your income, consider what would be the best time to use this loss. Non-capital losses can be used to offset other business income in any tax season – they can be carried back three years or carried forward for up to seven years. It might make more sense to carry the loss back up to three years to recover income tax that you already paid, or use it to offset future tax returns.

  • Credits and Deductions

Looking for an easy way to boost your tax savings? Take advantage of all eligible tax credits – incorporate any expenses like coffee meetings, dinner expenses, and license and registration fees when you’re filing.

  • Split Your Income

You can take advantage of the marginal tax rate disparities by using the income splitting tax strategy. The higher your income is, the higher your marginal tax rate will be. You can transfer a portion of that income to someone such a spouse or child that has a lower income.

  • Track Your Expenses Regularly

Are you waiting until the last minute to gather all of your receipts? It’s not a good idea to scramble, because you might miss things or misplace important files. Make it a daily routine to account for everything you’ll need at tax time. Using a designated credit card for work makes it easy to separate and track expenses.

For more helpful tips and tricks that your small business can employ to make tax season easier, contact Cole Informatics at info@coleinformatics.com or by phone at 731.249.5700.

Before working with Terry, my business’s computer system had been a complete disaster. If it weren’t for him, I would have had to shut down my practice. Terry frequently does more than he’s asked for businesses, including working all hours when a problem arises. He has even tried to learn my software to help me out. I went through 3 different support people and none of them could help like Terry has helped me. Terry is trustworthy and reliable. I would highly recommend Terry and Cole Informatics to anyone facing challenges with their business IT.”

Computer Support
Christie Patterson-King, Nurse Practitioner & Owner

Connect With Your IT Experts

80D South Broad St. PO Box 1373 Lexington, Tennessee 38351
731.249..5700
731.968.9983