SMALL BUSINESS TAX PREPARATION

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SMALL BUSINESS TAX PREPARATION
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In our opinion, only a few business owners find
tax preparation to be fun, especially when they
use small business tax preparation by Lincoln Tax
Services. However, filing tax returns doesn't
have to be challenging when seeking assistance
from experienced tax consultants. So, lets
have a look at some important things that will
help you in small business tax preparation.
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Breakdown Your Personal And Business Expenses
Small business owners, also known as sole
proprietors, often start their business with
minimal resources, making them struggle to split
their work and personal lives. After all,
business owners prefer to prioritize their work
over personal life. However, you need to avoid
this pitfall in financial terms. Not breaking
down the personal and business expenses makes
your accounting confusing. In addition, you won't
be able to claim some tax deductions and credits
because the IRS will consider some of your
business expenses as personal expenses.
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Making The Estimated Payments Is Necessary
The IRS expects business owners to owe nearly
1,000 to pay the quarterly estimated taxes. This
rule is applicable for small organizations and
sole proprietorships. However, while you should
plan to pay the estimated payments quarterly, you
should ensure that estimated payments doesnt
restrict the cash flow of your business.
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The more closely you track your expenses, the
more you can reduce the AGI (adjusted gross
income) and your tax liability too. In other
words, you have to monitor all the major and
minor business expenses like purchase of office
supplies, entertainment, food, transportation,
business tours, marketing, legal fees, etc.
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Final Thoughts
These were some important things that might help
you in small business tax preparation. By using
the small business tax preparation by Lincoln Tax
Services, you dont face any hassles by filing
your tax returns. Our tax consultants will help
you in the entire process. So, contact Lincoln
Tax Services for tax and business consultation
needs.
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Thanks!

• Do you have any questions?
• info_at_lincolntaxservices.com 770-736-1400
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