For a small business, tax time can present a number of challenges - particularly if you don’t employ an accountant, and you decide that your business is small enough that you can file its taxes yourself.

The advisable thing to do is to seek the assistance of an expert CPA, preferably one who specializes in taxes, to make sure that yours are filed properly and precisely. Besides the complexity of tracking your business’ income and expenses throughout the year, the intricacies of a constantly-changing tax code can also make the process more difficult than you might imagine.

However, if you do choose to file your company’s taxes without assistance, there are a few tips that every small business owner should be aware of. 

Deduct New Property

If you purchased and began using property for your business last year, then you may be able to write the entire expense of the property/equipment off as a business expense, depending on a number of factors. Some exceptions may include land (especially if purchased outside of the country) and buildings used for lodging. 

Consider the Use of Your Personal Property

If you have a computer or phone that you use solely for work, or an office in your house dedicated to work-related matters only, then you can likely claim the area/equipment as a business expense. To be viable, your “home office” and other equipment must actually be used to conduct business only. For instance, a guest bedroom where you work from time to time and a family computer that everyone uses will not be considered acceptable business expenses. 

Plan Appropriately for Next Year

Tax tips aren’t just for tax time: to make the season easier on yourself next year, make this year one of proper planning and organization. Be sure to keep track of every receipt and every financial statement throughout the year. As your business grows, we highly recommend working with an experienced business accountant to keep your books in order, and to help with proper tax planning in the future.