Money Saving Tax Tips

With the business tax season now behind you, breathe a sigh of relief and implement simple steps to ensure you’re in great shape next year:

• Become your own accountant. With limited funds, guerrilla marketers must get creative. There are inexpensive computer programs that will allow you to keep track of your income and expenses on a weekly or monthly basis, making the end of the year tax time a synch.

• Get a business bank account. A common mistake is to mix personal and business finances. Business transactions will be better accounted for and easier to control if they are listed separately.

• Keep receipts. To claim tax credits and deductions you must have proof of expenditures and also written records of travel and entertainment costs.

• Plan ahead for tax payments. Business owners must pay taxes on their earnings. Set aside a separate percent of income solely for estimated federal and state tax payments that need to be made monthly or quarterly.

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