Tax Day is 2 Months Away!
Tax Day is April 15, 2009, which means it’s coming up quickly — exactly 2 months away now!
I don’t know about you, but I’m a little alarmed at how quickly Tax Day is approaching this year. I don’t feel like I’m organized enough for this yet. The last couple of years, I’ve had everything practically done by this point, but this year it is going to be much, much harder to get to that point.
As a small business owner, filing taxes isn’t quite as easy as if you just have a job, a W-2, and a bunch of money owed back to you. A small business owner needs to keep records of everything, for one thing. You also have to add up all of your income separately, all of your expenses separately, and subtrack your expenses from your income in order to arrive at a net income.
Is your head spinning with all of that yet? Mine is. But wait — it gets worse. You also have to worry about major operations such as cost segmentation. Cost seg helps you to determine whether you have classified business property to your best advantage. If you haven’t, you may have amortized your expenses over too long of a period, causing you to pay too much in taxes. Reclassifying the property can help you to reclaim lost expenses, and reduce your tax liability from now on as well. A net present value calculator will help you to determine whether you can benefit from cost seg.
There’s obviously a lot to do before Tax Day arrives, so if you haven’t already gotten started, you should. I need to, too!
Tax Day, small business owner, cost segmentation, cost seg, net present value calculator
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