Taxes. That word alone is often enough to strike fear into the heart of small business owners the world over. But, taxes don’t have to be scary. People often fear what they don’t understand; thankfully, we’re here to give you some quick tips on how you can take advantage of small business tax savings strategies this year. 

The lack of robust accounting systems is one of the primary reasons that small businesses fail. Bookkeeping can be a thorn in every business owner’s side, and many companies are now turning to virtual bookkeeping services. Here are some the advantages they find: 

It is easy for small business owners to get stuck with questionable business practices, especially when they are in the early stages of development. Sometimes in the zeal to achieve profitability and success, the employees and management take shortcuts. Here are ten frequently overlooked secrets about small business management that will help your company  achieve success:

One of the most frustrating things about managing a small business accounting system is when you run into a problem that you can’t solve on your own. Some small business owners try to save money by paying for cheaper virtual bookkeeping programs, but they find that they are limited when problems arise. 

There are many benefits to owning a home. If you are a homeowner who is looking for how to pay less taxes, the mortgage tax deductions are worth exploring. Your accountant can help you itemize your Schedule A deductions, and one of those deductions is based on interest paid on the mortgage.

Capital assets consist of many personal things that you own and use, either for investment or pleasure. If you decide to sell a capital asset, the IRS looks at the difference between what you paid for it and the price you earned on the sale. That difference is known as a capital gain or a capital loss.

There are a few differences between a traditional IRA and a Roth IRA, and it is important that you understand these distinctions when you are choosing your retirement savings platform. Both types of retirement savings accounts can be beneficial, and you should talk with an accountant or qualified financial advisor to make the decision based on the best tax savings strategies for your individual needs. 

It is easy for business owners to get stuck in old habits, and sometimes business practices are hindered because the employees and management are caught up in myths. Here are ten of the most common myths about small business management, so that you can check your systems and avoid these traps: 

Bookkeeping can be a thorn in every business owner’s side, especially if the business doesn’t have a good system in place. Many companies are turning to virtual keeping, and it is easy to see why this trend is gaining in popularity. Here are some advantages of virtual bookkeeping: