We have made it past the holiday and have turned the page on a new calendar year and for many that means a new tax season. For businesses and individuals you are probably closing out your expenses for 2014.
In addition to keeping records of everything,( copies of signed slips, receipts, invoices, checks, bank statements, etc. ) keep them organized and in a secure place.
Here are a couple of other things to consider for taxes.
1) What type of classification is your company? Be sure to consider all types LLC, Inc., etc. each classification has different tax breaks.
2) Reimbursements. Many small business owners have several different accounts in order to receive more tax deductions. Consider setting up a MERP (medial expense reimbursement) plan, this type of plan allows you to convert your medical expenses into pre -taxed benefits. There are limitations, so you have to do your homework to see if you and your business qualify. Another one to consider is an accountable plan for your personally owned vehicle. The corporation receives the tax deduction and you get money out of the company. Finally, your home office/administrative office can also be a tax deduction.
So take the time to really map out your business, think about which direction your business is going in, It may not be there now but will it be some day. Put the right accounts in place in order to help you save money.