I remember a time I use to get super excited I was getting a tax refund. I was fresh out of college with no business of my own and a manager for a clothing store. My best friend and I would go buy Juicy Couture tracksuits and bags. Yes, that was me the girl with the hot pink track suit and shades on but no money actually really in her purse. The horror it all.
For the last two weeks on Twitter, I have seen several W2 meme’s and people discussing what they will do once all their papers come in. There use to be a time when I got close to a thousand dollars back on my taxes. I was also a decade younger and naive to what handling my finances really meant. I wanted to share with my fellow business owners how they could maximize their tax refunds no matter the amount received.
It’s that time of year when millions of Americans start anticipating their government tax refund. As a small business owner, I am just praying I don’t owe Uncle Sam a penny. Last year I got back $21 and I was so excited. Previous years I was zeroed out or I owed less than $500. So, that gave me little joy.
It’s that time of year, when H&R Block and Jackson Hewitt commercials are running rampant to remind people it is tax income season. When being a small business owner taxes take on a whole new meaning. At least they did to me, especially when I realized I was responsible for more than I could even comprehend at the time.
We are getting closer and closer to the New Year and tax season. This is the time of year most people start thinking about launching a business and others who are already running a business are trying to figure out how to do their taxes. Understanding taxes in general can be a whole new ball game for a newbie. Don’t miss out on these 7 tax write-offs for small business.
The stress of tax season might be over for the US but having continual knowledge of tax information is important. A couple of weeks ago, a friend of mine was asking me several questions as she began to embark on her journey to launch her business. She mentioned how overwhelmed she was by taxes and what she needed to do.
Recently on Twitter, I shared some small business tax write-offs that most entrepreneurs, solopreneurs and soon-to-be small business owners forget about. The first couple of years in business, my accounting was less than acceptable for business. I went to H&R block and let them do what they thought was best. Lesson learned: hire a CPA or Accountant. It’s worth every penny. My accountant, Rose, only costs me $75 a year. I am one lucky entrepreneur.
But wait, there’s more!