NASE on Micro-Business

Filed Your Taxes? Time To Get Ready For Next Year

Posted on: April 17, 2009

Whether you file your micro-business return annually or quarterly, resist the urge to hide your tax documents in a drawer until your next filing date. NASE National Tax Advisor Keith Hall has these suggestions to help you get a jump on next year’s taxes:

·         Use the 2008 tax return as a road map for 2009 by studying what deductions you may have neglected, such as the home office deduction. Sole proprietors can use the NASE’s Schedule C Planning Tool to help them stay organized.

·         If you have a traditional IRA or SEP retirement account, consider making a contribution earlier in the year than you typically might. Then, watch as those dollars grow, tax-free.

·         Getting your child involved in the family business can really pay off. Your son or daughter could help clean the office, file, sort inventory, etc. Wages you pay will be tax deductible to your business and your child might learn something in the process. Look at it as a new business deduction on money that you are probably giving your child anyway!

 

In addition to tax.NASE.org, here are some great sites that will keep you informed throughout the year.

·         Internal Revenue Service: [http://www.irs.gov/ ]

·         Business.gov: The official business link to the federal government [http://www.business.gov/]

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