There is a fundamental difference between business and personal finances when it comes to taxes. While the “average Joe” may not have to worry about taxes again until next year, “Joe the small-business owner” needs to start thinking about his next quarterly tax filing now. And for the rest, to start you off on the right track for next year I’ve flagged 7 financial faux pas that are commonly overlooked by small businesses.
5 Common Tax-Filing Mistakes to Avoid
Last year, the IRS reported 2.7 million errors made by 22 million taxpayers on 2011 returns. Although that’s considerably lower than the 6.6 million errors made the previous year, mistakes are bound to happen. Just one small slipup could cost you, resulting in a larger tax bill, smaller refund or delayed return.
This year, take some time to double—or even triple—check your work! As you calculate your returns, consider each and every home deduction and credit, compare numbers, make sure everything is spelled correctly and in the right spot and keep an eye out for these common mistakes:
5 Tax Tips to Help You Keep More of What You’ve Earned
Paying taxes is an annual task it seems as though everyone dreads. Although you can’t avoid it, you can see the glass as half full by looking forward to a big refund!
But did you know most taxpayers aren’t fully aware of how to maximize their refund?
Everyone loves getting a check in the mail—especially a hefty one. Using the tips below to control how much you get back will have you getting an extra-large refund in no time!
1. Deduct Donations Big & Small 
All types of donations are eligible as tax deductions—take advantage of this!
Not only do donations make you feel good by helping others, but giving some of your extra money to charity can offer substantial tax savings; ultimately, this will make for a large and profitable difference in your refund check.
Keep in mind,
2 Tax Changes Every Small Business Owner Should Know About
We all know how difficult keeping up with taxes can be.
From new tax breaks to new tax laws, changes can ultimately affect everyone filing—individuals, families and business owners alike!
But despite how difficult tax laws and lingo can be to understand, keeping up with, learning about and planning for changes may ultimately help you keep more of your hard-earned money in your pocket.
Stay up-to-date! Here are two important changes:
Depreciation Rules
If you buy equipment for your business, you’ll definitely want to know about the new deprecation laws.
Top 5 Reasons to Hire a Professional Tax Preparer
Does the mere thought of doing your own taxes stress you out? Is tax lingo a foreign language? Are you watching the calendar, dreading the tax deadline? If you’re like most taxpayers, the thought of doing your own taxes can be confusing, overwhelming and hard to come to terms with.
But there’s hope! You don’t have to go at it alone.