With the new bills passed, most Americans would be paying more in taxes than ever before. However, there is always something you can do to minimize your payments. The situation is more adverse when it comes to smaller businesses. In most cases, they end up paying half their business revenues in taxes. It is important to note that most of the tips and tools listed below are meant to be followed across your tax year. A little can be done when you are nearing your income tax due dates and you have been ignoring your filings.
Tax calculation is time consuming but luckily, here are some of the resources that should ease your job. It doesn’t require you to be savvy with numbers but being diligent about your returns. Let’s get started!
- Self Employed Expense Estimator
Being aware of your expenses is the first step to understand your quarterly tax dues and do something about the numbers. This estimator by CoTaxAide allows you to take account of all kinds of expenses including travel, insurance, hardware, advertising and miscellaneous. If you are a business owner, this would be a perfect tool to start with.
Another resource from You Claim It this tool will help you organize all important documents in place and be prepared for the tax day. Income tax filing can become a complicated tax if you are running a small business and it is the documents that take you through the tedious process. It is only wise to have an upper hand by knowing what documents to have in place.
- Employee Payroll Tax Calculator
For any kind of business, employee payroll management can be a huge fuss, especially when you are nearing the tax day. There are a lot of spreadsheets to go through and make several deductions in each. This tool helps you streamline the process and you will be saved from the complicated calculations, which again is always subject to manual errors.
- Sales tax calculator
Smaller businesses across the USA incur a huge amount in sales taxes every year. Apart from being a highly labor intensive job, sales tax calculation can offer you the worst nightmares, when you have just through to have done a good year. This sales tax calculator by the IRS gives you a highly reliable deduction and keeps your expectations realistic.
- Income Tax Due Dates
An advisable way to keep your tax records clean is to always be updated with dues. You need to know when it’s time to clear each of your dues and not push everything to be done on the tax month. This free tax calendar will help you with the required notifications, right from filling out the forms to quarterly deadlines.
Whether you are an individual or are running a small business out of your garage, it has become highly crucial that you know and understand the tax laws specific to your state. The rules differ and are constantly changing. With tax codes changing across the USA, this resource will fill you in about the amendments and how they affect your dues.
Put in some research to understand your tax dues and you will definitely be at a more comfortable position when the tax day finally arrives. We believe these tools will help you in a big way in the coming year.