19 minutes is all it takes me per week to have a worry-free tax season for my small businesses. I timed it, literally. You see, I’ve been studying up on how to maximize my small business tax deductions, and I’ve discovered what it takes to keep the IRS happy:
1. Know the rules as they apply to your business and follow them
2. Keep orderly small business tax documents
3. Have a great accountant
Now that might sound like a lot of work, especially the part about knowing the rules and documenting everything, but it doesn’t take long, really.
Discovering Small Business Tax Deduction Rules
So everyone knows that the IRS has rules, lots of them, and that if you don’t follow them you will get in dutch. What most people don’t know, though, is how to interpret those rules so they apply to you and your small business. And being that the tax code is some 18,000 pages long, it’s going to be pretty hard to figure out which small business tax deductions apply to your organization, and how, just by reading the tax code.