Tips To Help Your Business Better Manage Your Taxes For The Years To Come
Paying your annual dues to Uncle Sam is an inevitable, yearly endeavor, but it is possible to reduce how much you have to pay with tax write-offs. Hiring a reputable accountant can help with this daunting task. Even so, you must keep and file business receipts.
Here’s a non-inclusive list of possible tax write-offs from BankRate.com to try and mitigate the costs of running your business. So when it comes time to pay, account receivables factoring can help make sure you meet that looming IRS deadline.
Invoice Factoring Can Help with Payments So Figure Out Your Business Deductions
Writing off business expenses can help you minimize what you owe and you’ll have lower taxable earnings as well. In general, any equipment, tool, device, furniture, technology, software, etc., that is used exclusively for your business could be a write off. Services as marketing, legal, educational and financial could also constitute as a business expense as could overhead and transportation costs.
Some areas of tax deductions can get a little tricky such as travel and entertainment. Business travel is a legitimate deduction, but traveling to Tennessee to visit your sister and talking about your business with your brother-in-law over drinks, probably isn’t. Remember, the burden of proof rests with the business.
Once you get your taxes and deductions in order, invoice factoring also known as factoring receivables can help you secure the money needed to pay your taxes in full and on time. According to FoxBusiness.com, the IRS pays attention to businesses that pay on time and is more likely to work with a struggling business that is able to make an on-time payment versus one who simply ignores the filing deadline.
Factoring Receivables Specialists Are Prepared to Deal with Tax Crunch
An invoice factoring company, which is highly familiar with the burdens small business face during tax season, can help you get the money you need to meet this ominous deadline. This way, the IRS will be more willing to work with you in a favorable manner if you have tax payment issues. When you decide you are ready to start factoring invoices, businesses can get their money in as little as 24 hours with low rates and for only a small percentage of its total value. This means that with Invoice factoring services in most cases businesses get up to 96% of the value of their invoices with the remaining going to the invoice factoring company in exchange for their services.
The Costs of Factoring Invoices Can Save You Money Over Time
Though some businesses may scoff at having to pay an invoice factoring company like BusinessFactors.com in order to get money to pay the IRS, it is much favorable when compared to having to deal with the stacked fines, penalties and levies you will have to pay to the IRS as a result of nonpayment. In extreme cases the government can actually seize your business and its assets.
So when it comes time for payment, talk to an account receivables factoring specialist so you can get your money in time to meet the IRS’s closing date.