Options for Filing and Reporting Small Business Taxes

Large and small businesses all around the United States are required to file and pay taxes. Small business taxes are applied and determined differently than those of larger corporations. To accurately report and pay taxes business owners are encouraged to follow these helpful preparation tips.

Small business owners have the option of filing their own tax returns or they can hire the help of a professional. Professional tax help can come from a certified public accountant (CPA) or professional tax preparer. Each individual is likely to accurately prepare a small business tax return; however, many business owners prefer working with a certified public accountant (CPA). In addition to a filing a federal or state small business tax return, a certified public accountant is experienced in keeping all financial records in order. Having all financial records in order may allow business owners to claim additional tax deductions or tax credits.

It is possible for a small business owner to prepare their own returns; however, the process is often long and sometimes difficult. To make the process easy many people take a tax course or they purchase a tax software program. The majority of tax courses offer valuable information and helpful tips to those who may have to pay taxes. These courses are usually available at a local college or an establish tax preparation business for a small fee.

Since owning and operating a business is a large project there are many business people who are unable to find the time to take a tax preparation course. These people are likely to purchase a tax software program. Tax software programs can be purchased from a traditional retail store or they can be paid for and downloaded off of the internet. The majority of individuals using a tax software program to determine if they owe any money are required to use the premium software versions because they are usually the only tax software versions that supply the forms needed.

When preparing their own taxes entrepreneurs are urged to keep in mind all of the tax deductions that they qualify for. There are many business owners who do not realize that they could qualify for multiple tax deductions. The majority of office supplies and other equipment that is required to operate a business is tax deductible. It is also possible for the owner of the business to donate some of their old office equipment or supplies to a charity. These donations are considered charitable deductions. Many small business owners make the mistake of just tossing out their old equipment because they do not realize that they can receive deductions for donating old equipment as well as purchasing new equipment. Taking a tax preparation course, using a software program, or hiring the services of a professional are great ways for them to learn about the deductions that they may qualify for.

Many business owners decided to start preparing their own taxes only to later learn that figuring out small business taxes is more difficult than they anticipated. Those who are unable to complete their small business tax returns or feel that they made a mistake on the tax forms can take their partially completed tax forms to a professional tax preparer for assistance and further completion.

E-commerce Solutions For Small Businesses

The use of internet is growing at a break neck speed. Everything from booking movie tickets to buying cars can be done online. Such business deals are enabled through e-commerce services. E-commerce is a term used describe the buying and selling of goods and services using electronic devices and the web. This is now a popular and successful form of doing business. Of late many small businesses are using this service effectively to boost their sales.

Using the web to showcase products and services doesn’t cost a lot. Plus, web is a good means to sell since a lot of consumers look for products and services online. Online payment facilities have further made this trend popular. The practice of online sales and purchasing is increasing with each passing day and the cost of online transaction is reducing. This is especially beneficial for small businesses for which cost of trade is a big concern.

In order to sell well online, your website should encourage sales. It should be user friendly and should address all the concerns of the consumer affectively. It is a good idea to include testimonials of some people who have bought your products or services. Another important factor is the software that you use. Use software that specifically caters to e-commerce requirements. Also, keep your website updated. Consumers look for change and you don’t want to bore them by presenting the same look every time they visit your website.

While you may be equipped to sell, you should also make sure that potential consumers are taking note of you. You can take up some e-mail marketing to notify consumers about your product or service.

By using these tips, small businesses can effectively use e-commerce solutions to sell their products and services online.

Top Five Tips Small Business Owners Can Learn From JK Rowling

J. K. Rowling is the English writer who has authored all seven beloved and widely read Harry Potter novels. At age 41, her rise to fame and fortune is inspiring. She has sold over 325 million books. The final book in the series, Harry Potter and the Deathly Hallows, was the fastest-selling book of all time.

Her fortune is estimated at $1 billion. She is ranked as the 136th richest person in the world. In 2006, Forbes named Rowling the second richest female entertainer in the world and ranked her as 48th on the 100 most powerful celebrities list of 2007.

When this all began in 1990, however, things were very different for J. K. Rowling. She was not a published author. She did not have a lot of money. She was living in London, working as a researcher and bi-lingual secretary for Amnesty International, and her mother had just died. How she got from there to where she is today is a story filled with invaluable tips for small business owners.

Tip # 1: Don’t Rush to Roll Out Your Product.

Destiny is a name often given in retrospect to choices that had dramatic consequences. – Rowling

Although J. K. Rowling had been a writer all her life, she was slow to publish. “I had written two novels before I had the idea for Harry, though I’d never tried to get them published (and a good job too, I don’t think they were very good).”

All too often, as small business owners, we rush to get a product out before its time, before it’s been fully considered or tested. Rowling sets a great example of getting a product just right before presenting it to the world.

Tip # 2: When a Great Idea Grabs You — Grab Back.

You sort of start thinking anythings possible if you’ve got enough nerve. – Rowling

Great ideas are unmistakably powerful in their announcement and come when least expected. Rowling says:

Where the idea for Harry Potter actually came from, I really couldn’t tell you. I was traveling on a train between Manchester and London and it just popped into my head. I spent four hours thinking about what Hogwarts would be like. By the time I got off at King’s Cross, many of the characters in the books had already been invented.

As small business owners, we know when a great idea is upon us. The problem is, we often question it, second-guess it, and rationalize it away. Not Rowling. She recognized the mark of a powerful idea, seized upon it and went with it.

Tip # 3: Persevere, Persevere, and Persevere.

It is our choices . . . that show what we truly are, far more than our abilities. – Rowling

Rowling moved to Portugal to teach English as a Second Language in 1991 and married her first husband in 1992. They divorced in 1993. The next year, she moved to Scotland. At this point, she was an unemployed single mother living on welfare. In 1995, she completed her manuscript for Harry Potter and the Philosopher’s Stone, typing it out on an old manual typewriter. She handed in the book to twelve publishing houses. They all rejected it.

Rowling never gave up. She did not stop just because life was hard. Despite all the changes and setbacks she was experiencing, she carried on. She persevered. As small business owners, we would do well to keep her example in mind.

Tip # 4: Don’t Let Anyone, Including Yourself, Sidetrack You from Your Goal.

If you’re holding out for universal popularity, I’m afraid you will be in this cabin for a very long time. – Rowling

Finally, Bloomsbury, a small publisher, agreed to publish the first book. Her editor, though, says that he “advised Rowling to get a day job, since she had little chance of making money in children’s books.”

It’s a good thing she didn’t listen. All seven volumes of the Harry Potter series have broken sales records and have been translated into 65 languages. What a shining role model Rowling is for small business owners. She didn’t let anyone stand in the way of her goal-not even herself.

Tip # 5: Each of Us Has a Unique Contribution to Make to the World.

I just write what I wanted to write. I write what amuses me. It’s totally for myself. – Rowling

J. K. Rowling never went searching for the kind of success she’s received. “I just wrote the sort of thing I liked reading when I was younger (and still enjoy now!). I didn’t expect lots of people to like them, in fact, I never really thought much past getting them published.”

It wasn’t fame or wealth that J. K. Rowling sought. No. She simply wanted to contribute to the world in general, and to children specifically. As small business owners, this is so important to learn. Focus on the unique something we have to offer to the world. The rest will surely come, in ways we may not even be able to imagine.