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Sudden Expense Solutions: Money Management 101

Most everyone has struggled with an unexpected bill or a sudden expense at some point. If you're currently experiencing problems like this, that's probably why you're here. You may be looking for a financial solution to help you meet those unexpected needs. That's why we created this site. You'll find all sorts of information here about financing sudden expenses, managing your money, and making ends meet more effectively. We hope that the information here helps you to get the financial solutions that you need for your situation and provides you with the tools you need for financial success in the long run as well.




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Sudden Expense Solutions: Money Management 101

3 Important Things For Small Business Owners To Have Available For Their Tax Preparation

by Travis Jordan

Filing taxes is an experience that makes some individuals nervous. Self-employed individuals have taxes that require more details than individual tax filers. Business owners who are unfamiliar with taxes may find the whole process daunting, which is why it is a good idea to form a positive relationship with a tax planning service. The following points highlight key pieces of documentation that small business owners should take to their tax preparer when they are ready to file.  

Receipts for Questionable Expenses

Small business owners should not be shy about asking their tax professionals if certain expenses are deductible. Deductions can help to reduce the amount of taxes owed. They will need proof of the expenses. Individuals who use checks, debit cards, and credit cards might be able to locate this information in their statements if they did not track them during the year. It is possible to get deductions for a home office, but the business owner might only be able to claim a portion of the cost for services, such as the Internet. This would depend on whether the connection was solely used for business or used for personal and business use. The tax preparer would need proof of payment in the form of bills, canceled checks, receipts, or bank statements.

Proof of Business Income

There are different ways to prove business income. Some small business owners have more than one type of business. There are individuals who are independent contractors that work for others. They might receive Form 1099s. However, they might also run a business where they work alone. Receipts and invoices can be used to prove the services provided and the income earned. Small business owners who have dedicated business bank accounts can take their year's statements to their tax preparers.

Estimated Payments

Some small business owners know the feeling of being told that they have to pay a significant amount of money in taxes. They learn from their past mistakes and make advance payments throughout the year. This information needs to be filed with the taxes. The tax preparer will need proof. The IRS usually sends correspondence acknowledging these payments, and it is wise to keep them. Bank statements may also be used.

Small business owners who attempt to file their own taxes might make mistakes such as missing deductions that cause them to pay more in taxes. They might also put themselves at risk of making mistakes and getting audited. Tax professionals can help their clients throughout the year and when it is time for their tax preparation. If an audit arises, business owners can have peace of mind that they will have a professional to assist them throughout the audit.

Contact a local tax preparation service to learn more.