September 30, 2013
While the end of the year may seem like it’s a long time from now, it’s only three short months away. When you factor in the hectic weeks of the coming holiday season, that really only leaves a few weeks to pull your tax information together to avoid the stress that being unprepared for tax season can bring.
Now is the time to think about what information you will need for the 2013 tax filing season and the steps you can take in the next few months to minimize your tax burden. To help you get a jumpstart on your end-of-year planning and organization, we’ve compiled the following tips.
Getting a head start on your taxes now will benefit you come tax time. Providing us with your documentation as early as possible will allow us to process your return sooner so you can receive any tax refund you may be eligible for more quickly. In addition, preparing now will also help you avoid the stress of scrambling for information with a looming tax deadline before you. And remember, we are always here to help. If you have any questions, please give us a call.
During the COVID-19 pandemic, many people are working from home. If you’re self-employed and run your business from your home or perform certain functions there, you might be able to claim deductions for home office expenses against your business income. There are two methods for claiming this tax break: the actual expenses method and the simplified method.
Blah. It’s February. The depths of winter. Gloomy days relieved only by the darkness of night. A month made for curling up under the blankets and staying in bed. Sound familiar?
A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.