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Tax Tips for Small Business Owners

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Looking for some helpful tax tips and advice? Look no further than this Balboa Capital inforaphic. It has all the information you need for the upcoming tax season.

Veröffentlicht in: Business
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Tax Tips for Small Business Owners

  1. 1. Recipe for SuccessRecipe for Success SMALL BUSINESS TAXES Ingredients Income Statements Gross receipts, sales records, returns and allowances, business bank account interest, etc. Cost of Goods Sold Inventory purchases, ending inventory total dollar amount, materials and supplies Business Assets Working capital, office building, business vehicles, patents, company logo, etc. Expense Receipts Advertising, office furniture, computers, travel costs, insurance, rent, legal fees, etc. Business Information Company name, address, business owner(s), federal tax ID, business license, etc. Payroll Information Current and past employees of last year, and documentation of pay to subcontractors Here are some of the things that you need to bring out the flavor of success Familiarize yourself with the various tax deductions that are available Keep track of tax deadlines so you file everything on time Directions Hire a tax professional to maximize your deduction potential Gain knowledge of business taxes before breaking bread with an accountant or tax expert Organize your paperwork for greater accuracy and more efficiency Results Preparing tax paperwork early and filing accurate returns on time can benefit SBOs Tax refunds are provided early Reduces or eliminates errors Saves time and money There is the potential for a bigger tax refund Late-payment fees are avoided A tax extension won't be needed Plus... Survey Says Balboa Capital's 2017 "Tax Time" survey results 85% of SBOs met last year's tax filing deadline 90% of SBOs are ready for the tax season 73% of SBOs will hire a tax professional this year 65% of SBOs will elect to take the Section 179 tax deduction 4 in 10 SBOs expect to receive a tax refund this year 40% will pay off debt How SBOs will use their tax refunds Top 5 Tax Deductions Office supplies Legal & professional fees Business property rent Meals & entertainment Employee benefits/retirement plans 25% will purchase inventory 11% will invest in marketing 7% will purchase equipment 22% will save it for the future This infographic was produced by Balboa Capital, a technology-driven financing company that provides business owners with fast, hassle-free solutions to fuel their growth and success. Balboa Capital sent a "Tax Time" survey to a sample of small business owners nationwide in February 2017. Visit www.balboacapital.com today.