Saturday, 23 September 2017

Information and commentary for the small business banking industry

Helping small business owners understand taxes

15 Feb

Although most of your small business customers will have accountants to file their annual tax return, it never hurts to have some resources available on the small business section of your bank’s website to help them understand just how they’re supposed to pay Uncle Sam.

As with most things in business, preparation is key. If you can encourage your small business customers to be well-prepared for tax season, not only will their accountant thank them, but they’ll grasp a better understanding of the system as might be able to reduce their tax bill.

Claiming everything they can as an expense is a good start, and sometimes requires a bit of creative thinking. It means being organized and efficient with all their records. They can’t claim something as an expense if they don’t have the necessary documentation. So it’s important to keep detailed records of everything.

A good filing system is key here. Keeping all receipts and utilizing a good accounting system are vital elements of that system. If there’s any way they can set up a work area at home – just a spare room will do – and use it for business purposes whenever possible, they can take advantage of claiming expenses related to business within their home.

The below article looks at some of the best software available to help organize and reduce taxes.

Read the full article at: uk.pcmag.com

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