04.01.20164 min read

5 Things You Need to Read: The Taxes Edition

If you haven’t finished (or started) your taxes yet, good news: You get to procrastinate longer than usual this year.

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Tax Day falls on April 18—three days later than most years, thanks to the observation of Emancipation Day in Washington, D.C. 

But considering that one in three small business owners spends more than 80 hours—two entire work weeks—preparing taxes, that means the time to get serious is approximately…now.

Before you hit the books, check out these five articles that can help small businesses survive tax season.

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A Dozen Deductions for Your Small Business (via @Bankrate)

Did you deduct your new desk chair? 

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The cash you gave your kids for helping out in the office over spring break? The dry cleaning bill from your last business trip? Small business owners don’t always take advantage of these 12 tax deductions, including fees related to your office furniture, child labor, travel expenses, and more.

Navigating the IRS When Growing Your Business (via @QuickBooks)

Need to give the IRS a quick call? Get excited! Last year, only 40 percent of calls to the agency reached a real person (that is, if they weren’t among the reported 8 million calls that were dropped beforehand).

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To make your experience with the IRS as efficient as possible, QuickBooks assembled this list of tips and resources for small businesses.

‘Dirty Dozen’ Tax Scams for 2016 (via @ConsumerReports)

On the list of things the IRS won’t do (besides answer the phone quickly): demand immediate payment, threaten arrest, or request confidential information. In fact, if you receive a phone call or email about your taxes, it’s probably not legit. This article and video from Consumer Reports covers an annual tradition: the top 12 tax scams of the year from the IRS.

5 Most Commonly Asked Small-Business Tax Questions (via @AmexOPEN)

Most of us don’t make it through tax season without at least few moments (or hours) of confusion.

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But you may be in luck if your question relates to the home office deduction, health insurance, retirement plans, or other topics covered in this post.

Be Smart About Writing Off Your Smartphone During Tax Time (via @Entrepreneur)

The biggest advocates of landlines these days may be grandparents and…savvy business owners?

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Having a home-based phone line is one of the keys to writing off your smartphone as a business expense. In this 2-minute video, CPA and attorney Mark Koehler explains how you can make your texts and tweets tax-free. 

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