The world may not end on December 21st, but it’s not getting any easier for small businesses from here on out.
Between the health care law and the additional costs associated with that, the looming fiscal cliff at the federal level and the possibility of increasing taxes as part of that debate, things are a little scary in 2013 for the small business owner. The fact that there may be increasing costs in the year ahead makes the need to save money now more urgent.
The best way to do that? Get every tax break you can get your hands on. Whether it’s Section 179 for your equipment purchases or one of the dozens of more esoteric breaks, you need to be chasing as many as possible.
It’s a time-consuming task if you don’t have an accountant to take care of your returns for you, but if you save several thousand dollars, it’s going to be worth every second you put into it. This does mean a mound of paperwork, which is why we do advise an accountant if you can afford one. If not, set aside a day to tackle it.
There are three steps to getting the tax breaks you need. Allow us to run through them for you:
- Determine what you’re eligible for. You can save some time if you ignore the tax breaks your business is definitely not able to get.
- Get all the necessary forms from the IRS and fill them out. Ensure you’re squeezing every last dollar out of your returns.
- Have an accountant or someone you trust review your numbers to ensure you haven’t made any huge mistakes. Audits are about as pleasant as a root canal in slow motion.
There’s no reason you can’t save hundreds, if not thousands, of dollars heading into 2013. Make it happen.
Have questions about tax breaks? Let Direct Capital know in the comments, and we’ll answer them in a mailbag down the line!
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