{"id":2583,"date":"2022-10-31T07:20:20","date_gmt":"2022-10-31T07:20:20","guid":{"rendered":"https:\/\/rapfinancial.com\/?p=2583"},"modified":"2022-10-31T07:51:46","modified_gmt":"2022-10-31T07:51:46","slug":"here-are-some-tax-tips-every-small-business-owner-should-know","status":"publish","type":"post","link":"https:\/\/rapfinancial.com\/here-are-some-tax-tips-every-small-business-owner-should-know\/","title":{"rendered":"Here Are Some Tax Tips Every Small Business Owner Should Know"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2583\" class=\"elementor elementor-2583\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-0357deb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"0357deb\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ed78c4\" data-id=\"0ed78c4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8fc356a elementor-widget elementor-widget-text-editor\" data-id=\"8fc356a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 08-12-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Taxes are often an afterthought for small business owners, but it\u2019s important to stay on top of them because if you don\u2019t, the government will make sure you do in the form of fines and penalties. If you don\u2019t pay your taxes, the government won\u2019t hesitate to fine or even prosecute you, so always make sure to file your taxes on time and pay any taxes that are due. Here are some tax tips every <a href=\"https:\/\/rapfinancial.com\/business-credit-building\/\"><strong>small business owner<\/strong><\/a> should know.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a0487b2 elementor-widget elementor-widget-heading\" data-id=\"a0487b2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 08-12-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h3 class=\"elementor-heading-title elementor-size-default\">1: Research Small Business Tax Credits<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7f04e59 elementor-widget elementor-widget-text-editor\" data-id=\"7f04e59\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Many small business tax credits could apply to you. A few of the most common credits include the Research and <strong>rap financial<\/strong> and Self-Employment Contributions, and the Goods and Services Tax\/Harmonized Sales Tax (GST\/HST) credit.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4e6213f elementor-widget elementor-widget-text-editor\" data-id=\"4e6213f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe Research and Development Tax Credit is available to companies who perform research in Canada to develop new or improved products. The R&#038;D Tax Credit rate varies depending on the province or territory where research takes place. \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f553b40 elementor-widget elementor-widget-text-editor\" data-id=\"f553b40\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tThe Employment Insurance Premiums, Self-Employment Contributions, and GST\/HST credit can be claimed by businesses with employees who qualify for EI benefits or those with a small number of employees who qualify for self-employment insurance.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b768d7 elementor-widget elementor-widget-heading\" data-id=\"2b768d7\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">2: Save Every Receipt<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9f65ab3 elementor-widget elementor-widget-text-editor\" data-id=\"9f65ab3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tOne of the most important things a small business owner can do is save every receipt. Tax season is when you will need them the most, and it&#8217;s easier to get a deduction if you have documentation. It&#8217;s also a good idea to keep your receipts in one location so they&#8217;re easy to find. \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01dda28 elementor-widget elementor-widget-text-editor\" data-id=\"01dda28\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tIt&#8217;s also important that you have an organized system for tracking expenses, like using Excel or Google Docs to categorize expenses by category, expense type, and date incurred. That way, at the end of the year, when it comes time for taxes, all of your information is ready for review.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1669536 elementor-widget elementor-widget-heading\" data-id=\"1669536\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">3: Take the Qualified Business Income<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-314c686 elementor-widget elementor-widget-text-editor\" data-id=\"314c686\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tSetting up a retirement account is one of the best things you can do for your small business. It&#8217;s not always the simplest task to set up, but it will save you from worrying about whether or not you&#8217;ll have enough money in retirement. Here&#8217;s how: \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3449305 elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"3449305\" data-element_type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/rapfinancial.com\/wp-content\/plugins\/elementor\/assets\/css\/widget-icon-list.min.css\">\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Open a rap financial that offers low-cost plans <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Pay an annual fee based on your income <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Invest in stocks, bonds, and\/or other investments that pay dividends <\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-circle\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Choose the percentage of your income to invest in stocks each year, which can range between 5% and 75% depending on your risk tolerance and goals<\/span>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f2cd9d9 elementor-widget elementor-widget-heading\" data-id=\"f2cd9d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">4: Set Up a Retirement Account<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-db00f5d elementor-widget elementor-widget-text-editor\" data-id=\"db00f5d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tIf you&#8217;re self-employed, it&#8217;s not just your income that you need to keep track of &#8211; your retirement account needs an overhaul too. Here&#8217;s how to set up a new retirement account for the sole proprietorship: \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bd1e9a9 elementor-widget elementor-widget-text-editor\" data-id=\"bd1e9a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t1) Establish a separate retirement account by opening a self-directed IRA (check with your bank or broker) and funding it with at least $5,000. If you can&#8217;t afford to put in $5,000 all at once, start small and increase your contribution percentage as time goes on. The sooner you start saving for retirement, the better off you&#8217;ll be! \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c208ebb elementor-widget elementor-widget-text-editor\" data-id=\"c208ebb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t2) Set up the electronic deposit so that regular contributions are deducted from your checking or savings account and deposited into the IRA automatically. \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0116c1 elementor-widget elementor-widget-text-editor\" data-id=\"d0116c1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t3) Get the full value of small business taxes because you want to lower your taxable income. \t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-772d84b elementor-widget elementor-widget-text-editor\" data-id=\"772d84b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t4) Review employee benefit plans like healthcare insurance policies, pensions, and 401Ks because they provide valuable tax deductions for small businesses.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cfaab79 elementor-widget elementor-widget-heading\" data-id=\"cfaab79\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">5: Donate Old Business Equipment<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f33da34 elementor-widget elementor-widget-text-editor\" data-id=\"f33da34\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tIf you have an old printer, shredder, copier, or fax machine that is no longer being used, consider donating it to a charity that helps low-income people start their businesses. Not only will you be able to deduct the full value of your equipment from your taxes, but you&#8217;ll also be helping someone who needs it. &#8211; Provide client incentives: The rap financial considers client incentives as a deductible business expense and there are some pretty cool things you can do with them. For example, if you host a contest where the winner gets $1,000 worth of services on your website for free, then that would qualify as an incentive for winning. Just make sure to keep all your receipts and documents in case they ask!\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f80471c elementor-widget elementor-widget-heading\" data-id=\"f80471c\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">6: Do I Need to Pay Taxes on Home-Based Business Income?<\/h3>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b17bda7 elementor-widget elementor-widget-image\" data-id=\"b17bda7\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.18.0 - 08-12-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/rapfinancial.com\/wp-content\/uploads\/2022\/10\/Small-Business-tax.png\" class=\"attachment-full size-full wp-image-2587\" alt=\"\" srcset=\"https:\/\/rapfinancial.com\/wp-content\/uploads\/2022\/10\/Small-Business-tax.png 800w, https:\/\/rapfinancial.com\/wp-content\/uploads\/2022\/10\/Small-Business-tax-300x150.png 300w, https:\/\/rapfinancial.com\/wp-content\/uploads\/2022\/10\/Small-Business-tax-768x384.png 768w, https:\/\/rapfinancial.com\/wp-content\/uploads\/2022\/10\/Small-Business-tax-600x300.png 600w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8695f72 elementor-widget elementor-widget-text-editor\" data-id=\"8695f72\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\tYou don&#8217;t need to file taxes for a home-based business if you&#8217;re not earning more than $400 per year from that source. However, if your annual income from the home-based business is more than $400 then you&#8217;ll need to file a Schedule C and pay self-employment taxes on all income minus any expenses. You can either pay quarterly or annually. If you have employees, then you&#8217;ll need to get an EIN (Employer Identification Number) by filling out form SS-4, Application for Employer Identification Number. Another important aspect of taxes for small businesses is paying quarterly estimated taxes. These payments help to avoid penalties in case there&#8217;s a discrepancy in when you&#8217;ve paid versus what&#8217;s owed come April 15th. Quarterly estimates work as follows: 1\/4th of total expected 2017 taxable income.\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bcd0b01 elementor-widget elementor-widget-button\" data-id=\"bcd0b01\" data-element_type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"http:\/\/(866)-890-7277\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-left\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-phone-alt\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t<span class=\"elementor-button-text\">(866)-890-7277<\/span>\n\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Taxes are often an afterthought for small business owners, but it\u2019s important to stay on top of them because if you don\u2019t, the government will make sure you do in the form of fines and penalties. If you don\u2019t pay your taxes, the government won\u2019t hesitate to fine or even prosecute you, so always make [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2586,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Some Tax Tips Every Small Business Owner Should Know<\/title>\n<meta name=\"description\" content=\"Taxes are often an afterthought for small business owners, but it\u2019s important to stay on top of them because if you\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rapfinancial.com\/here-are-some-tax-tips-every-small-business-owner-should-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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