business resources
Simplifying the Process of Filing Your Tax Return
8 Sept 2022, 2:27 am GMT+1
When you are an employee, your employer pays your taxes out of your earnings before they even reach you. You also don’t have to file a tax return, as this is also taken care of for you. So, it’s not all too surprising that the majority of first time business owners can feel a little lost when it comes to the end of the fiscal year and they are left to complete their tax returns themselves for the first time. But not to worry. While the forms may seem confusing at first, there are various steps that you can take to simplify the process. Here are just a few steps that you will need to take to get you started in the right direction.
Consider Professional Help
The best way to simplify the process of filing your tax return is to hire the help of a professional accountant. You do not generally need to employ this individual year-round. Instead, you can pay them to complete a one-off return. Sure, it may come at a cost. But if you are extremely busy, it’s an investment worth making. You can also rest peacefully knowing that your return will be completed to perfection without errors or mistakes.
Deduct Expenses
Don’t make the mistake of paying for business related expenses out of your own pocket. There are various purchases that you can deduct as expenses. These are referred to as “tax deductions” or “tax deductible” investments or purchases. The infographic from Triplog below highlights just a few common tax deductions added to small businesses’ tax returns!
Infographic Design By
Share this
Contributor
Staff
The team of expert contributors at Businessabc brings together a diverse range of insights and knowledge from various industries, including 4IR technologies like Artificial Intelligence, Digital Twin, Spatial Computing, Smart Cities, and from various aspects of businesses like policy, governance, cybersecurity, and innovation. Committed to delivering high-quality content, our contributors provide in-depth analysis, thought leadership, and the latest trends to keep our readers informed and ahead of the curve. Whether it's business strategy, technology, or market trends, the Businessabc Contributor team is dedicated to offering valuable perspectives that empower professionals and entrepreneurs alike.
previous
What’s the Point of Technology If You Don’t Know How to Use It?
next
Android Owners Are More Clumsy Than iPhone Users, Reveals New Survey