When you first set up a small business from your dorm room, you probably take things at your own pace and develop your products and services around your studies. But if your idea proves popular and you do start to experience demand and success, you’re going to find yourself suddenly facing a whole lot of responsibility. You’re going to have to start dealing with increased levels of manufacturing, and offer more customer support. It’s not all too surprising that processes such as filing a business tax return may slip your mind. But it’s important to remember that even the smallest business does need to file a tax return at the end of each fiscal year.
Take an Accountancy Course
If you don’t yet have sufficient income or profits from your business venture to be able to hire a professional accountant, you may want to consider taking some sort of accountancy course yourself. You don’t necessarily have to take a full degree that spans three to four years of full time study, as there are all sorts of short courses for small business owners out there that you might want to consider instead.
Tax Deductions
You can reduce your tax bill by noting any tax deductible expenses on your return and deducting them from the total sum of money owed to the government. The useful infographic from Triplog below will help you to get to recognize a few common tax deductions that you might be able to file on your own business’ return.
Infographic Design By Triplog
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