5 Small Businesses Tax Tips for 2010 from DebtGuru.com

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Start preparing for next year's tax season now to make it much easier for tax time. Find many more tips on the Debt Guru blog at http://www.debtguru.com/finances/top-twelve-tax-tips-for-small-businesses.

As a small business owner, you have a lot of bills and payrolls to juggle. Don’t fail to meet tax deadlines. Deadlines differ depending on when your tax year ends and your business entity. Meeting filing deadlines will minimize penalties and interest.

DebtGuru.com, a debt management company at http://www.DebtGuru.com reminds small businesses that tax time is getting closer. With the year end it’s a good time to prepare for tax season.

Here is a list of top 5 tax tips for small businesses:

1.    Keep a calendar.
Deadlines can sneak up fast. As a small business owner, you have a lot of bills and payrolls to juggle. Don’t fail to meet tax deadlines. Deadlines differ depending on when your tax year ends and your business entity. Meeting filing deadlines will minimize penalties and interest.

2.    Start now.
Don’t wait until the last minute and then pull out your shoebox of receipts to give your tax accountant. Even the best accountant can make mistakes when forced to pull it all together at the last minute. Start now. It’ll make things a whole lot easier. Take baby steps so you’ll have an easier time staying organized.

3.    Remember your retirement plan.
Who would you rather pay: yourself or the government? When you contribute to an IRA, you reduce the amount of income taxed by the government, and you set aside money for retirement. Remember, you can contribute to last year’s IRA all the way up until April 15th.

4.    Keep all documents.
When it comes to your taxes, it’s a good idea to be a pack rat. You’ll have peace of mind knowing you can produce any document at anytime, no matter what questions may come up. Always organize and carefully file away:

  •     Credit card bills and receipts
  •     Old checkbooks
  •     Bills and invoices
  •     Mileage logs and documentations
  •     Canceled checks or proofs of payment (VERY important)
  •     Any evidence that supports deductions and credit claims on your tax returns

5.    Start planning for next year. Think ahead and April will be easier next year. Throughout the year, keep your taxes on your mind. When making decisions for your business – such as purchasing office space, incorporating, or hiring extra help – consider the implications those changes may have on your taxes. Such careful considerations could help you make wiser, more successful choices for your business.

Get more tax tips for small businesses at http://www.debtguru.com/finances/top-twelve-tax-tips-for-small-businesses

If debt is a problem, watch a free online video about our debt counseling services.

About DebtGuru.com
DebtGuru.com® is the Internet domain for American Credit Foundation®, an IRS 501 (c)(3) non-profit consumer credit counseling organization.

The staff at American Credit Foundation® has been helping people achieve their financial goals since 1994. The Foundation was incorporated with the objective of meeting a long-standing need for a debt management program designed for people who were frustrated with their debt situation. We provide a simple way to get out of debt quickly, and lower monthly payments without having to qualify for a consolidation loan.

American Credit Foundation® is a Utah based non-profit organization. As a third-party administrator, the Foundation disburses funds, held in our trust account at an FDIC insured institution, to financial institutions nationwide. The Foundation is bonded and insured with a $100,000 Fidelity Bond.

American Credit Foundation® is a registered and certified ISO 9001:2008 Organization. We are independently audited and certified annually to this internationally recognized Quality Management System through BSI Management Systems. Our Credit Counselors are independently certified by the National Institute For Financial Counseling Education, and we are a member of the American Association of Debt Management Organizations (AADMO).American Credit Foundation® is a member of both the UTAH Better Business Bureau as well as the BBBOnLine Reliability Program.

We are devoted to assisting customers resolve their financial difficulties by giving them the necessary guidance and support for successful completion of the debt management program.

We provide debt management service including debt consolidation

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