Tax Day Tips

With tax day around the corner, we find that the internet is flooded with tips for small business owners, freelancers, and digital nomads. As frustrating as tax season can be, we compiled a list of the best tips on how to maneuver tax season.

1. If affordable or possible, hire an accountant. As a small business it is important to have one. Ask around to other small businesses in the same field and ask who they use. Try to find a small firm, as they understand what it’s like to be a small business. Make sure to prepare documents for your accountants, to save yourself time and money when paying your accountant.

2. Know when an accountant is not affordable, or needed. There are simple ways to get your taxes done without hiring someone. Sometimes all you need is you, your books, and a chunk of time.

3. Know what you can and cannot deduct. Knowing this will save you the extra work, and money by deducting something you didn't know you could. Here are 12 small business tax deductions.

4. Begin prepping for the next year. Although it can be hard to imagine another tax season, preparing for the next year can save you time and frustration. Create a filing system to make finding important documents next year, easy.

For more small business tax tips, check out SBA.gov and IRS.gov.