April 15th (National Tax Day) is creeping up faster than you realize and maybe you’re not ready for it. Whatever the condition of your small business, you must always pay your taxes! You shouldn’t be wasting time.
The Internal Revenue Service (IRS) states that small businesses pay four kinds of taxes: income tax, self-employment tax, employment tax, and excise tax. The form of business determines what kinds of taxes you’ll pay.
Small businesses can structure their business taxes to accomplish certain goals. Each structure will have advantages and disadvantages, but choose the one that works best for you-LLC, Sole Proprietorship, S Corporation, etc.
Luckily for start-ups, there are also many opportunities to claim small business tax deductions. Here are the top ten small business tax deductions.
![Tax Deductions]()
Start-up costs- Educational expenses
- Car expenses
- Office equipment
- Business entertainment
- Business travel
- Software
- Charitable contributions
- Advertising expenses
- Legal and professional services
Start-up costsManaging your books and preparing your business taxes is a critical part of owning a business and should not be taken lightly. If the nature of your small business is fairly consistent from year to year, you may be able to manage your business taxes by yourself.
However, if you are just starting up, you may be better off hiring a CPA to help you along the way. Hiring someone experienced with taxes can prevent you from filing incorrectly and can really save you time and money in the long run.
BizCentral USA is a one-stop business services center helping entrepreneurs, start-ups, and established small businesses start or grow with over 30 expert services and proven solutions, including accounting, bookkeeping, and payroll services.
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