Small businesses need to cope with a number of challenges in order to survive and grow in a competitive environment. Excessive regulatory procedures make the situation even more difficult. Tax is a tricky area with several complexities that may be beyond the understanding of a small business owner with little to no financial expertise. Here we explain some of the hurdles that small businesses experience when it comes to accounting, recording and paying taxes.

 Maintaining accurate records

Maintaining accurate accounting records is key to calculating the correct amount of tax liability and filling out the tax returns correctly. For small businesses, this can be a very time-consuming process. Small businesses rarely have the luxury of having an employee dedicated to accounting and bookkeeping. Usually, it is the owner who maintains the books and files the tax return. If the owner is not experienced, it can become very difficult especially as the business grows. This can lead to errors in bookkeeping and calculating the tax liability.

  Read More Tax Hurdles Faced by Small Businesses

Finances

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Both new and veteran small business owners can benefit from knowing a little more about maximizing deductions and getting a better handle on tax time. Whether you are a small business owner who scrambles every year at tax season to substantiate deductions and report all expenses or you are a small business owner who is organized and ready for tax season time and again, you will appreciate at least one of these six tips for making tax time easier for small business owners. Read More 6 Tips for Making Tax Time Easier for Small Business Owners

Entrepreneurship Finances Small Business

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Today’s blog post is a guest post provided by Maple C of http://inspirationspark.us/

Tax season is a time when, like it or not, we reflect upon our financial decisions over the past year. Some of our choices will result in extra funds we’ll have to send to Uncle Sam, and thankfully, others will help keep money in our pockets.
While most of us don’t necessarily look forward to tax time, those who do usually feel a sense of victory in receiving a sizeable refund after taking advantage of as many tax deductions as possible. And there are many things that you, too, can do to help ensure that you aren’t paying a dime more than you have to this tax season. Here are a few suggestions to help make that happen: Read More Don’t Pay More than You Have to In Taxes

Entrepreneurship Finances Small Business