Tax Tips for Small Businesses

Tax Tips for Small Businesses

The filing deadline for “S” and “C” corporations is coming, and now is as good a time as any to read some tips when it comes to taxes and your small business. 

Is it rabbit season? Or is it duck season? Bugs Bunny and Daffy Duck would selfishly have you believe it is one of those two, but they are both wrong. It’s that time of year again – tax season.

Whether you are new to the small business world or have been in it for as long as you can remember and just want some tips to help you out with taxes, you have come to the right place. Here are a few tax tips for your small business.

We hope these tips help you in your quest to file your taxes correctly.

  • Keep a tab on all of your expenses throughout the year and input them into your accounting system or give them to your accountant to do it for you.
  • Offering work benefits like health, vision, dental, and child-care assistance can pay off when it comes to your taxes and decrease the tax burden.
  • If you have any unsold or unused inventory, you can save money on storage and donate it for tax purposes. Keep in mind, however, that donations of over $500 have more meticulous rules.
  • Keep your business and personal expenses separate. Open different checking accounts and credit cards for both affairs.

As an independent insurance agency, we will work with you to ensure you have the right amount of protection for your specific needs, all at the right price to fit your budget. For all of your business insurance needs as a Texas business owner, contact VGW Walker Insurance in the entire state of Texas.