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What You Can Do Right Now to Save Time & Money on Your Business Taxes

Posted by Julian Blankenship to Taxes, Business Advice

Overwhelmed entrepreneuer illustrates pain of small business taxes

Did you know that 40% of small business owners spend more than 100 hours a year managing federal taxes alone?

We know small business owners work long hours, so that’s about two workweeks that nearly a quarter of you aren’t growing your businesses, meeting with customers, or guiding your employees. Taxes take so much time that more than half of you say that the time it takes to manage taxes is worse than paying taxes. (Source: National Small Business Association, 2014 Member Survey)

 

Download your copy of the Entrepreneur's tax pack for 3 time-saving business tax resources.

infographic illustrating time small business owners spend on federal taxes

 

Frankly, we think that’s ridiculous.

We sat down with our tax experts to identify the major hurdles that make tax season so challenging for so many small businesses. Among them:

  1. Lack of awareness of certain taxes that need to be paid
  2. Missed filing deadlines
  3. Inefficient back-and-forth with a CPA as business owners track down reports and information at the last minute
  4. Missed opportunities for tax deductions and credits
  5. Inaccurate bookkeeping throughout the year
  6. Business owners who do their own taxes

The tax code is complicated and constantly changing, so we always recommend that small businesses work with a tax accountant who specializes in their type of business. But there’s a lot that small business owners can do in advance to maximize their tax savings and streamline the process of working with their CPA.

To help you conquer these barriers and achieve maximum tax-filing efficiency, we put together The Entrepreneur’s Business Tax Pack.

 

Three Essential Resources for Small Businesses That Want to Save Time & Money on Taxes 

  • [Checklist] Getting Your Books in Shape Before the End of the Year—a handy checklist that guides you to the financial reports you’ll need to file your taxes and claim your deductions.
  • [Guide] Tax Strategies for Entrepreneurs—eight steps you can take right now to save on your business taxes each year.
  • [Workbook] Fill Before You File—organize your data so your tax preparer can help you avoid potentially painful fees and penalties.
business taxes
About the author
“Julian

Julian Blankenship

Julian is a Portland, Ore. native who enjoys hiking, biking, coffee, and relaxing on Sunday afternoons with his orange tabby, Huxley. He’s passionate about the arts, education, and animals. Get in touch with Julian today by emailing him at, julian.blankenship@indinero.com or (855) 463.4637 ext. 116.

Success starts when you take charge of your finances.

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