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Tis the Season for Taxes

Topic: Entrepreneur Evangelist,Managing Your Business | Comments Off on Tis the Season for Taxes

Posted on April 12, 2010 by admin

Ah, the smell of tax season in the air! Of course, if you’re a business owner then tax season is every season, and never really seems to go away, does it? (Lucky us!)

In a recent binge of tax-related research and reading, I’ve come across some particularly helpful tax sources that I thought would be worth sharing.

Daniel Kehrer of has a great blog called “What Works for Business,” and he’s got a ton of great content on taxes for small business:

16 Tips to Avoid a Tax Audit of Your Small Business Return
Small Business Tax Tip #1: Tap New Rules for Business NOLs
Small Business Tax Tip #2: Accelerate Income & Defer Expenses
Small Business Tax Tip #3: Depreciation is Your Friend
Small Business Tax Tip #4: Beware of Out-of-State Surprises
Small Business Tax Tip #5: Take Advantage of Depressed Asset Values
Small Business Tax Tip #6: Bank on a C-Corporation Comeback
Small Business Tax Tip #7: Expect More Extensions
Small Business Tax Tip #8: Find Hidden Treasure in Your P&L
Small Business Tax Tip #9: Don’t Procrastinate!
Small Business Tax Tip #10: Don’t Expect More Tax Relief

And on, here is an interesting perspective that runs counter to most common advice:

Outcome Of Hiring An Accountant To Do Our Taxes Vs Using Turbo Tax Or Tax Cut

Of course, in the end, as a business you must file taxes and as an individual you must file taxes.  For some of us, there is so much anxiety associated with it that it warrants its own therapy sessions.

Interestingly enough, taxes were the reason I avoided owning my own business for years: I simply couldn’t handle the idea of having to deal with them at all.  I had absolutely no problem forking over a disproportionate percentage of a very high income to pay taxes, as long as it meant that I didn’t have to think about it for more than a couple of hours per year.  That was a nice arrangement and one that I was willing to pay to maintain.

Then, of course, life decided to intervene and lead me down an entrepreneurial path where taxes are a part of my weekly reality, no matter how much I hate it.  So, now I am working through my anxiety by consuming endless amounts of information on the subject.  Is it working?  I don’t know yet.  I’ll let you know next week.

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