How Receivables Factoring Works
Be relieved knowing that you can take advantage of receivables factoring if you're a small business owner and you have to pay your dues now
. A peace of mind answer, factoring can assist you prevent having large tax debts, and late filing punishment fees.
Small business owners can take heed of these insightful tax advice.
Separate your funds - Sole proprietors take note... even though all of the funds that come into your small business are yours, it's a wonderful idea to keep the money separate from your private expenses. Why? Because at tax time, by dividing your expenses, you will find that it's much simpler to trace your expenses.
It is even a good idea to maintain a separate business phone - so you can properly allocate expenses for business calls.
Also, be aware that expenses for your domain name, web site hosting, advertisement, office supplies and even business cards are tax deductible. Not only that, 50% of your business-related food as well as amusement expenses can also be included in your tax reports.
It's also essential to use your debit card and checks when paying for the expenses of your business. Avoid cash withdrawals. And those people who are paying a a retirement plan can take those costs. This is also true for health insurance expenses.
As for vehicle expenses -- gas and parking costs, oil, tolls and even insurance -- can be deducted rather than your mileage. You have the freedom to take the actual expense deduction or the standard mileage deduction; but in either case, parking cost is always deductible. You can even go more techie - make use of a mapping internet site like Mapquest.com to figure out your business-related mileage.
You can also claim a portion of your house (including utilities) if you're running a home office.
Of course, don't forget that accounts receivables factoring companies can assist you get that peace of mind by purchasing your credit-worthy invoices and turning them into fast cash.
When it's time to file, e-filing is fast, precise and convenient. Most available tax preparation programs look out for errors and required data. This is essential in keeping your tax return documents precise and updated.
At the same instance that one electronically files a federal return, a taxpayer also files a state tax return. As soon as the return is received for processing, the IRS electronically recognizes receipt of the return. In addition, refunds would get to you quicker (about half the time) when you go for electronic, rather than paper or mail filing.
If you want to know more about IRS and taxes, just visit www.iris.gov, specifically the small business and Self-Employed Tax Center. For more details regarding invoice or receivables factoring, call The Interface Financial Group (IFG) at 877.210.9748.
by: Iris Caesar
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