EP01: Small Business Tax Tips and Strategies

<p><span style="font-weight: 400;">Who's not guilty of procrastination? I bet we all have at some point, delayed some vital tasks. Yet one thing most people enjoy holding off on before the last minute is filling out income tax returns. </span></p> <p><span style="font-weight: 400;">In 2019,  roughly 34 million taxpayers deferred a week before April 15th to submit their income tax returns. That's almost the same amount of tax returns submitted in the whole month of March. This explains why many individuals and business owners are so stressed out during the tax season. </span></p> <p><span style="font-weight: 400;">However, with more than 70% of taxpayers enjoying an annual income tax refund of about $2,800 per year, you might want to file your taxes earlier.</span></p> <p><span style="font-weight: 400;">Your Income Tax Returns are statements of your revenue, investments, gains, and expenses throughout the financial year.  Prompt filing of your tax returns will help you build a consistent record of income earnings and other information. Consequently, you can claim predefined tax incentives if you have consistently filed your income returns.</span></p> <p><span style="font-weight: 400;">In today's episode of Empire Tax Professionals, Rachel Michaelov, will share some valuable "Small Business Tax Tips and Strategies" to save you from the Internal Revenue Services. </span></p> <p><strong>Key takeaways from the episode;</strong></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Gain timely and valuable tips on how you can avoid a possible audit from the Internal Revenue Services as a business owner, or a tax-paying individual. </span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Realize the importance of collecting, documenting, and backing up all of your income expenses to make sure that you have all of the info so you can file a complete tax return.</span></li> <li style="font-weight: 400;" aria-level="1"><span style= "font-weight: 400;">Under