Are You Up to Date on Changes to Small Business Tax Deductions, Credits & Other Changes?
By Margot Lester, Staples® Contributing Writer
Published January 15, 2016
Theres so much to keep up with when it comes to small business taxes, its no wonder we can get a little wiggy about tax time.
I imagine the scariest thing about doing small business taxes would be either A. the fear of doing it wrong and getting hit with a penalty or an audit, or B. the fear of missing out and paying too much, says Matthew Illuzzi, CPA, president and founder of New Day Business Advisors in Apex, NC.
To make tax season a little less scary, we compiled a quick overview of some of the changes to small business tax deductions, credits and other federal tax code sections that may impact your business for tax year 2015. Discuss these updates with a tax professional before you begin preparing your 2015 tax forms:
Keeping up with changes to small business taxes like these is a full-time job, which is why many owners leave tax preparation to the pros. Accounting and finance software makes it easy to keep your own books and records and to pass them over to your CPA at tax time.
For a small business, its always worth it to spend money on a professional service thats outside [your] realm of knowledge, Illuzzi explains. Spinning your wheels to try to do everything is counterproductive, whether its taxes or marketing or PR. Focus on what you are good at and do more of that. If youre good at [your] business, you should be able to earn more money in the hours you would spend doing your taxes than it will cost you to have a professional do them for you. And you dont have to try to figure it all out!
Even if you decide to do it all yourself, a quick check-in with a tax professional ensures you avoid any miscues.
Learn more about small business taxes and helpful products in the Staples® Tax & Organization Center.
DISCLAIMER: This information is only provided for general informational purposes and should not be considered as offering individualized tax advice. Tax laws are complex; consult your tax advisor on specific issues related to your tax situation.