INTERNET MARKETING

INTERNET MARKETING

INTERNET MARKETING

 

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SAVE MONEY ON FILING TAXES

 

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Follow These Tips To Save Money On Filing Taxes

In business reducing expenses to boost the bottom line is key.  You can save money on filing your business taxes by following the suggestions below.

1. If you decide to use an accountant to prepare your taxes shop around and find someone who is willing to give you a competitive price.

2.  Find out if your accountant charges by the hour or by the number of filings that has to be done.  Compare the cost for these two options and chose the least expensive one.

3. If you decide to use an account to prepare your taxes organize and categorize your expenses before you get to their office.  Be sure to bring all documentation with you so that you don't take up more of their time in multiple trips for which they will charge you (if you're being charged by the hour).

4. Use an accounting software or a spreadsheet to capture and analyze all of your expenses before you get to your accountant.  This will prepare you to answer any questions and help your accountant to get through the process very quickly which will be less expensive to you if you're being charged by the hour.

5.  If you consider yourself savy enough you can utilize an online service to prepare and file the taxes yourself.  The online services that are available today (such as TurboTax) walk you through the process, step-by-step, and guide you through answering every tax question and give you the opportunity to get every deduction you're entitled to.  These services also get your tax documents reviewed by actual tax attorneys before filing with state and federal agencies.  They are far less expensive than hiring an accountant.  The average cost is $99.00 per year.  You can start and stop the preparation and come back at anytime to finish it.  Your data will always be secured online and you can come back at any time to get copies of your tax documents.

6.  Know what expenses you can deduct and take advantage of them.

7.  Follow these IRS tax tips for self-employed taxpayers.

8.  If you know that you will owe the IRS money file your return on time or request an extension and avoid the late filing penalty.

9.  Consider free tax filing software.  This IRS website list free tax preparation software that are available to people with certain income levels.  This is ideal for Sole Proprietors who meet the income thresholds.

10. Beware of fake IRS emails and phone calls that can scam you out of your finances.

 

 

 

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