Small businesses that owe taxes this year, and are short on the cash to pay their dues, can use invoice factoring to cover their tax debts. This is your peace of mind solution. In the meantime, to avoid huge tax debt, here are some things to remember.
Sole proprietors take heed — even though all of the funds that come into your small business are yours, it’s a good idea to keep the money separate from your personal expenses. Why? At tax time, by separating your expenses, you will find that it is much easier to keep track of your expenses. Keeping a separate telephone (even the cell phone) for your business use makes it easier to calculate telephone deductions. Your business cards, domain name and website hosting, advertising, plus other office supplies are deductable.
Here’s the good news: fifty percent of your business related meal or entertainment expenses are deductible. And, those people who are contributing to a retirement plan can deduct those costs. The same goes for health insurance expenses.
Tips that you may not know include: Use your debit card or checks to pay expenses from your business account. Avoid cash withdrawals. As for your vehicle expenses –gasoline and parking costs, oil, tolls and even insurance can be deducted instead of your mileage. Small business owners can take either the standard mileage deduction or the actual expense deduction but parking is deductible even if you choose the mileage deduction. Or, rather than recording mileage, be sure you use a mapping website like Mapquest.com to calculate the mileage only to and from business-related destinations.
If you maintain a home office, you may deduct that percentage of space and a portion of household expenses, including utilities.
When it comes to your IRS and tax questions, just remember when in doubt you can always check the small business and Self-Employed Tax Center at www.irs.gov.
And don’t forget, long used as a way to provide peace of mind, you can sell credit-worthy invoices to an accounts receivable factoring company like IFG, and acquire additional funding for immediate working capital to pay your taxes.
Find out more about how invoice factoring can help you with your small business taxes.
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