3 Great Rules to Live By for the Self-Employed or Small Business Owner!
In honor of Earth day, we’re helping you save more Green!!
1) Hire a payroll service – spending hours figuring out what to withhold from your employees, risking paying your taxes late incurring penalties is not a good use of your time.
2) Knowing the Sales Tax Rules – Every state has bizarre guidelines for what is and is not taxable. You could be paying sales tax, incurring a 7% -8 % for items in your business unnecessarily.
3) Domestic Manufacturers’ Deduction - If you’re a traditional manufacturer or a software development, architecture, engineering or construction business you may be eligible for a tax deduction that could lower your effective tax rate by up to three percentage points. There are 247 pages of instructions in the IRS “helpful” manual to explain the code.
Suffice to say that if you’re business is in one of the categories listed above, you may be due additional deductions going back every year to tax year 2007.
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