Starting a business can be incredible for your career and lifestyle. If it’s something that you’ve always wanted to do, you may feel as if you’ve made it, or that you’re on the right track when you’re doing your own thing. However, running a company can also be bittersweet. Because there are things that you have to do, that you may not want to – like file and pay your taxes. When your first tax period comes to an end and you need to file and make a payment, it can feel really overwhelming. So, here’s what you need to do.
Hire An Accountant
First of all, one thing that can be incredibly helpful to a lot of people, is the option to hire an accountant. And no, you really don’t have to be a big business to have an accountant. If you struggle with numbers and you know nothing about taxes and the paperwork it can involve, hiring an accountant can save you a lot of time. They can also provide you with advice that can help you to save money too!
Detail Your Income & Expenses
Even if you do hire an accountant, you need to detail the money you’ve made and the money you’ve spent. Writing down your income can seem easy, it’s usually working out your expenses that is tough. So, take a look at the below infographic on the most common tax deductions for small business to give you an idea of what you include.