If you run a small business, you will need to file business taxes every year. In order to avoid paying back taxes or having penalties from the Internal Revenue Service (IRS), make sure you don't make any of the following mistakes.
Failing to Track Your Expenses
Filing taxes properly all starts with how you track your income and expenses throughout the year. A lot of your business expenses can be deducted from your taxes, which helps to reduce how much you owe.
Some small business owners find it difficult to justify the expense of a bookkeeping service -- but bookkeeping services can usually save you a significant amount of money over time. Here are just a few ways that you might find your revenue picture significantly improved by bookkeepers.
1. Reducing Your Bank Fees and Increasing Your Interest
Many small business owners find it very difficult to manage their checking accounts, especially if they run a business that involves many transactions a day.
Identity theft can happen to anyone at any time, and unfortunately, it happens to many people. Knowing how to fix your credit if you are the victim of identity theft can help you recover more quickly and efficiently. If you experience identity theft at any time, follow these steps on your way to recovery.
Step 1: Initiate a Fraud Alert
A fraud alert is the mechanism by which you alert the credit reporting companies that your information has been stolen and your credit report has been compromised.
With the world's economies becoming increasingly more unstable, many investors are turning to gold investment as a way to secure their wealth. The money you have invested in stocks or bonds must be paid out by a financial institution should you decide to cash in on your investment.
Since gold is one of the few assets you can own whose value must not be paid out by a third party, investing in gold ensures you will have access to wealth, regardless of the economic circumstances.
Home equity loans are based on the equity, or market value, of your home. Most lenders will allow you to up to 80% of your home's value, minus whatever you own on your primary mortgage. Some lenders will lend up to 90%, but you will pay a higher interest rate, and possibly interest points, which are paid upfront from your loan amount.
Home equity loans are superior to conventional personal loans in many ways because:
In order to secure bail, you may be required to put up collateral. Most use their home or vehicle to cover the bond. If you own neither, look closely at your other personal belongings to find things acceptable to the bail bondsman. A better understanding of what items possess value as collateral will help you avoid unnecessary delays in procuring both bail and a release from jail.
Offer Anything with Resale Value
Having a financial advisor help you make decisions that affect your current and future financial situation is a smart thing to do. A good financial advisor can do many things: help you set goals and work toward achieving them, see what the affects of your current decisions may be on your future, and give you a feeling of preparedness and security.
There are, however, some things a financial advisor cannot do.
Tax filers occasionally discover an oversight on a tax return after it has already been filed. Fortunately, the IRS provides a practical method to correct previously filed returns. Individuals can claim any missed benefits by amending tax returns from the most recent years.
Meet the filing deadline
IRS Form 1040X is used to correct an earlier return. Individuals can amend an earlier return for up to three years after its original due date.