WASHINGTON–(BUSINESS WIRE)–Small business owners know “tax time” is an all-year-long process. With new tax rules in effect, GEICO has four tips that could save you and your business some cash:
Plan: Organize your paperwork and receipts on a standard schedule. With estimated quarterly taxes and monthly tax deposits due, sticking to a reporting schedule helps you avoid fines and late fees.
Confirm: Check to make sure you and your employees have the correct deductions. According to the IRS, your commercial insurance policy premium is generally tax deductible, as are legal and accountant fees for your business.
Document: If you’re taking business deductions, make sure you have the receipts in either print or electronic form. If you’re audited and can’t provide proof of such deductions, you’ll face hefty fines that could cost you significantly.
Guarantee: Visit a CPA or use tax filing software that offers an accuracy guarantee. If a problem does arise, you’ll have resources to help fix the issue.
For more information about commercial insurance, visit GEICOCommercial.com to research and buy a policy online, or call one of our agents at 866-640-2658 to walk through what you may need.