A Collection Of Tax Resources For Small Businesses

Written by on February 21, 2011 in Business Insights, Finance And Lending - 1 Comment
counting money in a green sweatshirt

If you’re a small business owner or employee, chances are good you’re already knee deep in tax preparation, and it’s not hard to understand why. That April 15 deadline has a habit of arriving on swift legs.

We at Direct Capital Corporation hear from you on a daily basis, and we’d like to do what we can to be the aspirin to your Internal Revenue Service-induced headache. In that spirit, we’re kicking off a weekly series of posts that will provide you with resources and tips on how to navigate the byzantine forms and schedules that can be awfully daunting.

USA Today has ten resources for “time-pressed small business owner” this tax season, written by Nellie Akalp of Mashable. There are quality common-sense tips in there no matter what kind of business you run, especially if you’re looking to save money on having your taxes done by an outside expert.

First among the resources is the idea of filing online, potentially saving yourself a plethora of paperwork and a cornucopia of cash. There’s a host of free and low-cost options available, through the IRS and private companies like TurboTax and H&R Block.

If you’re barely staying afloat in a sea of receipts, Akalp suggests checking out firms like Shoeboxed, who will take mounds of receipts off your hands and convert them to scanned documents. It’s a much more manageable system of sorting them out, and you’re much less likely to toss a computer in the trash by mistake than some careworn slips of paper.

It’s also never a bad idea to seek help online from both professionals and fellow businesses, bearing in mind that not all such resources are created equal. Companies like H&R Block make tax preparers available for Web consultations, which can be a plus if you’re nonplussed. Community forums will let you interact directly with battle-scarred veterans of the process, which may be helpful for newer business owners in particular.

We’ll continue to post tax-related tips leading up April 15, and we hope they’ll be of help to you. If you’ve got your own cost and time saving ideas for your fellow business owners, make sure to leave them in the comments.

Photo credit to LeoSynapse at http://www.sxc.hu/photo/452697

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