Filing income taxes can be a daunting task for many of us, but for new small business owners, it might feel like an overwhelming challenge to even know where to begin.  The Business Finance Store wants to make sure you know what to expect every step of the way on your path to becoming a successful business owner, so below are some basic tax myths to look out for when filing this season. These common but costly mistakes can end up in an audit, and as Judee Slack of SlackTax explains, “a tax auditor presenting an assessment of additional taxes, [...]

As tax quickly approaches, many small business owners turn to their tax advisors to prepare and file their taxes for them. In fact, a poll of over 1,200 respondents determined that 72% of business owners use external tax advisors. Although 78% of those polled are happy with their tax advice, there are many things to consider when gathering all the documentation for your tax advisor. Tax advisors may work wonders with all the information you give them, but there may be a few items you are leaving out.
Receipts Under $75
Although tax laws do not require a receipt for purchases under [...]

The federal government is going out of its way to help small businesses this year.
Surprised? You’re not alone. The government has a terrible reputation when it comes to helping new businesses. Confusing paperwork, complex tax rules and outdated modes of thinking are what usually come to mind when many people think of government’s effect on businesses. The National Federation of Independent Businesses found that the cost of complying with taxes is 67% higher for small businesses. It costs about $74 per hour for small businesses to process tax paperwork! Anything that can help reduce this type of stress is great. [...]