Fiscal year

4 Ways to Save on Your Taxes

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As we kick off the new financial year, small businesses and enterprises should already be thinking about how to plan their business in order to minimize their tax liability. For many business owners, taxes are a major source of stress and worry, so by starting to plan your tax strategy early in the year, you can ensure that your year end goes smoothly later on. Here are some of the best ways in which you can minimize your tax liability for this financial year.

1. Make employee reimbursements accountable

If you include reimbursements for things like travel, entertainment and … Read the rest

Simple Tips To Help You When Determining Your Filing Status

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Eight Tips to Help You Determine Your Filing Status

Before you file your federal income tax returns, you must first determine you filing status. There are 5 filing statuses: Married Filing Jointly, Single, Married Filing Separately, Qualifying Widow or Widower with Dependent Child and Head of Household. Your filing status is normally used to determine your standard deductions, filing requirements, eligibility for certain deductions and credits. It also helps in computing correct taxes.

It is important to note that some people may have more than one status. The following are 8 tips to help you when filing your … Read the rest