FAQs Archive - GBC Tax and payroll Services

Q: How can I make next year's tax filing an easier process?

The best thing you can do to ensure you don’t overpay or underpay your taxes is to schedule a tax planning session with your small business tax services consultant. Beyond that, keeping your tax documents organized is essential. Keep all receipts and invoices in a safe place. You’ll also find it helpful to use QuickBooks to keep up with all revenues and expenses. This will make the tax preparation process easier to manage.

Q: What deductions do small business owners most often overlook?

According to the IRS, only 32 percent of eligible small business filers claimed a home office deduction in 2011. Another category of expenses many small businesses neglect to claim are startup costs. If you spend money exploring business opportunities before you start your business, those costs may be deductible. Bank and accounting fees are also expenses many small business owners overlook while preparing their taxes. These are usually small amounts that add up over time. Educational expenses such as books you buy to learn new skills, online classes (even if they aren’t associated with a college or university) taken for continuing education purposes, conferences you attend, and professional coaching sessions are all deductible expenses that many small business owners overlook. The best way to ensure you don’t overlook tax deductions is to schedule a tax planning session with your small business tax services consultant or hire a professional CPA firm like GBC to handle all of your accounting and tax reporting details.