If you’re a business owner, then you know the importance of filing your taxes on time. If you don’t file them at all, there will be penalties that are tough to get back from the IRS. Plus, if you want to get money back from your business, it’s even more important to make sure that these are filed properly! In this article, we’ll discuss some tips for getting money back from your business tax return.
Review the tax return and make sure you’ve followed all necessary guidelines
You’ll want to know your filing status and what to do when it comes to your business. You should also know if you’re eligible for tax deductions and whether or not to claim certain expenses.
There are typically forms that need to be completed to accept your return by the IRS. Make sure these get filled out correctly! Form 8829 is one such form that can help you get money back from your business taxes, depending on what you’ve spent on the business.
You’ll also want to make sure that all of your income is reported properly, and this includes self-employment income as well! This will help to ensure that there aren’t any issues with your tax return. One way to do so would be by using a software package designed for small businesses, such as QuickBooks Self-Employed.
Another thing to keep in mind is that the IRS requires you to report all income, regardless of whether or not it’s taxable. This means any form of payment needs to be reported as well! So if you’re earning money from a blog, for example, this would need to be included on your business tax return.
Make sure to include any expenses that qualify for deductions, such as mileage, business meals, and office supplies.
You can deduct many expenses when filing your business taxes, but to do so, they need to qualify for deductions. One of the most common is mileage because it’s one expense that almost every small business owner has!
You’ll want to make sure you file using either Form A or C (depending on how much self-employment income you had during the previous year). If this is your first business tax return, then it’s recommended that you use Form C.
You’ll also need to keep track of the sales tax that you’ve collected with your business. This is because you’ll need to report the difference between that and what was paid out for expenses. Find sales tax support for your business here.
Be sure to keep track of all business meals so you can deduct these on your tax return. However, some restrictions need to be followed for the deductions to take place. For example, The meal needs to occur during or immediately preceding an hours-long meeting with a business partner. The meal also needs to be reasonable, typically defined as no more than 50% of the total cost.
The same rules apply to office supplies and other equipment that you may use regularly. Make sure to keep track of all receipts so they can be deducted at the end of your return!
Check with a professional accountant if anything is unclear about your taxes or how they should be filed.
There are instances where you may need to seek help from a professional, such as if the return is complicated or you’re unsure how to file it. This could result in issues that an accountant can fix! The best thing about hiring one is that they know exactly what’s needed when it comes down to filing your taxes.
Make sure these tips are followed when filing for a small business. Doing so will allow you to get money back from your taxes which is always good news! These tips will ensure that your business gets the most out of its tax return!