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  • Writer's pictureThe Lincoln Accounting Team

Tax hacks for all you owners out there

Hey there,


It's January. You know what that means.


Tax season. Time to start paying attention!


Did you know that you could be losing thousands of dollars, right under your nose?


I'm talking about taxes. Very few pay attention to this.


You might be thinking, "I'm a business owner, I know all about taxes!" But here's the kicker:


Out of the 27.9 million small businesses in operation, a lot of owners are overpaying on their taxes.


Insane, right?


Here's your life-saver: 10 simple tax hacks that could save you a good chunk of cash.


1. Keep your receipts. The coffee you had during a client meeting? Deductible.


2. Separate your personal and business expenses. More separation = more deductions. (this is such a big issue and one that we stress to all of our clients)


3. Track your inventory. Even losses can turn into sweet tax deductions.


4. Make bookkeeping a priority. The more you know, the less you owe.


5. Hire an accountant. They know the tax loopholes better than anyone. (that's us!)


6. Register your business properly. An LLC could save you hundreds each year. An S Corp can help you avoid the headaches of estimated payments.


7. Pay quarterly taxes on time. Miss a payment? Say hello to a hefty fine.


8. Classify your employees correctly. Misclassification could cost you big time.


9. Keep track of your employees' wages. The more you pay them, the less you pay the IRS. (i.e. don't do them a "favor" and pay them cash as you won't get the deduction!)


10. Maximize your retirement contributions. Lower taxable income = less tax liability.


In a nutshell: track, separate, deduct, record, and save.


Ready to stop throwing your hard-earned money at the IRS?


Get these tax hacks in action and watch your business thrive.


Go ahead, make Uncle Sam work for you, not against you.


Let's do this,


R&S


P.S. Want to dive deeper into the world of tax-saving strategies? Our program at Lincoln Accounting has got you covered. Click here to turn your tax woes into tax wins.

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