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.
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!