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What All Entrepreneurs Should Know About Taxes

October 13, 2018
Small Business

If you've started your own business, you're among the brave, creative few willing to take a major leap of faith. Entrepreneurs have to think in terms of the Big Picture. No business would have started without a vision, after all. When you're an entrepreneur, the problem with doing your taxes is that it's not quite a "Big Picture" sort of task. With tax preparation, you have to focus on details. However, if you keep the below tips in mind, you'll do just fine during tax season.

You Might Have More Deductibles Than You Think

"Wait, I could have deducted that?" Have you ever found yourself realizing too late that something could have been deducted from your taxes? Some tax deductible items are more obvious, but others can take you by surprise. When a writer buys a book about writing, for instance, he or she can deduct the cost of that book. Do some research about your profession and what you might be able to deduct from your taxes. While you're at it, find a way to store and organize your receipts. Keep all of them, even the ones that you think are insignificant. You might learn later that you could use them.

You Need to Pay Quarterly Taxes

Small business owners need to pay estimated quarterly taxes. With all of the attention surrounding that yearly tax filing season, it's easy for entrepreneurs to forget about the quarterly taxes. Try not to forget about those. Mark your calendar. Set a reminder on your phone. Do what you need to do to keep up with your entrepreneur taxes because if you don't, you may have to write a very, very big check later.

Clients of Halon Tax Grow Their Revenue by 18%/yr on Average

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Tax Software is Your Friend

When it comes to entrepreneur taxes, software can be your best friend. Some entrepreneurs accept this idea with no problem. Others balk at the thought. You built an entire business by yourself. Why would you need help with taxes? Because taxes are complicated. They're difficult enough when you work as an employee in a salaried 9 to 5 job. For entrepreneurs, it's even worse. Tax software will add up those deductions and profits for you, arrange your information correctly, and even run double checks if you've picked the right software. Trust us. The peace of mind is worth it. You'll be able to quit worrying about your taxes and get back to running your business.

Entrepreneur Taxes With Halon

What's even better than using software for your entrepreneur taxes? Using software and then talking to an accountant. With Halon Tax, you don't have to choose between a software and a CPA. You can have the benefits of both. Are you ready to get started? Sign up today!

Amy Stocking

Amy has upwards of 25 years of bookkeeping and tax preparation experience and is a QuickBooks Online ProAdvisor with Advanced certifications. Her experience ranges from retail tax preparation to CPA firm tax prep, and experience preparing financials for large to small companies of all types.  While always enjoying learning new things, she also loves sharing knowledge to help others.

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