Options for Filing and Reporting Small Business Taxes

Large and small businesses all around the United States are required to file and pay taxes. Small business taxes are applied and determined differently than those of larger corporations. To accurately report and pay taxes business owners are encouraged to follow these helpful preparation tips.

Small business owners have the option of filing their own tax returns or they can hire the help of a professional. Professional tax help can come from a certified public accountant (CPA) or professional tax preparer. Each individual is likely to accurately prepare a small business tax return; however, many business owners prefer working with a certified public accountant (CPA). In addition to a filing a federal or state small business tax return, a certified public accountant is experienced in keeping all financial records in order. Having all financial records in order may allow business owners to claim additional tax deductions or tax credits.

It is possible for a small business owner to prepare their own returns; however, the process is often long and sometimes difficult. To make the process easy many people take a tax course or they purchase a tax software program. The majority of tax courses offer valuable information and helpful tips to those who may have to pay taxes. These courses are usually available at a local college or an establish tax preparation business for a small fee.

Since owning and operating a business is a large project there are many business people who are unable to find the time to take a tax preparation course. These people are likely to purchase a tax software program. Tax software programs can be purchased from a traditional retail store or they can be paid for and downloaded off of the internet. The majority of individuals using a tax software program to determine if they owe any money are required to use the premium software versions because they are usually the only tax software versions that supply the forms needed.

When preparing their own taxes entrepreneurs are urged to keep in mind all of the tax deductions that they qualify for. There are many business owners who do not realize that they could qualify for multiple tax deductions. The majority of office supplies and other equipment that is required to operate a business is tax deductible. It is also possible for the owner of the business to donate some of their old office equipment or supplies to a charity. These donations are considered charitable deductions. Many small business owners make the mistake of just tossing out their old equipment because they do not realize that they can receive deductions for donating old equipment as well as purchasing new equipment. Taking a tax preparation course, using a software program, or hiring the services of a professional are great ways for them to learn about the deductions that they may qualify for.

Many business owners decided to start preparing their own taxes only to later learn that figuring out small business taxes is more difficult than they anticipated. Those who are unable to complete their small business tax returns or feel that they made a mistake on the tax forms can take their partially completed tax forms to a professional tax preparer for assistance and further completion.

Is Going Direct Really Cheaper Than A Broker Or Price Comparison For Small Business Insurance?

The UK media is currently awash with advertising slogans from direct commercial insurance companies targeting small business owners in an attempt to make them switch their provider of business insurance.

‘Get 12 months cover for the price of ten’ and ‘You won’t find us on price comparison websites’ are typical of the slogans emanating from these companies, in a language more akin to the selling of car insurance than the traditional professional and almost stoic approach to the selling of business insurance cover.

In the current recession, price has become the determining factor in winning the war of market share for all goods and services and insurance is no exception. Prudent small businessmen and women are looking to cut costs in all areas of their business and the large direct insurance companies are well aware of this.

The large insurers are also aware that the UK market has over five million small businesses of which a fifth are sole traders, self-employed and people working from home, many of whom are familiar with purchasing their personal insurance direct with the provider, either by phone or on the Internet.

There are three types of provider in the current market for business insurance in the UK.

Intermediaries such as insurance brokers and agents, price comparison sites and direct commercial and business insurers.

Each has their own advantage and disadvantages, however whether one distribution channel is cheaper than another is often a subjective view from a particular trade, or dependent upon factors many of which cannot be quantified in price.

Direct Insurance companies claim to be able to offer cheaper polices because the cut out the costs of the middleman. It is certainly true that direct insurers do not have to pay an intermediary for the cost of the lead or introduction, however it is questionable whether this cost saving is actually reflected in the prices offered to the public.

Certainly there are economies of scale to be made by centralising the life-cycle of a policy from sales point to claim and renewal, however all those functions that are performed by an intermediary still have to be carried out in-house by the direct company and these have a cost.

Many large composite insurers often have distinct direct divisions with their own target market and premium rates. The same company may also have a broker or intermediary division or channel.

It is quite often the case that a large broker with a large book of business of, for example, small builders liability, will receive much more preferential rates then the same companies direct channel, because that insurance company wishes to retain that brokers clients.

Commercial Insurance brokers then are often able to offer preferential rates because they have more flexible schemes and arrangements than the direct channel.

One of the main benefits of using an insurance broker or intermediary in purchasing commercial insurance for small business, cannot be quantified in price and is worth the commission or fee that they may charge. That is advice, market and product information and knowledge, access to various markets such as Lloyds and some human help if the worst happens to a business and a claim is needed.

A commercial or business insurance broker is often able to negotiate far better claims settlements than if an individual were to deal direct with the insurer. The main reason for this is once again the insurer wishes to retain that brokers share of the total risk pool and will often pay out to a broker on an ex-gratia basis. This cost of this service is not quantifiable at the quote stage where small business cover may well just be valued for the price paid or the covers bought.

The third major way in which small business owners can purchase cover is by visiting a price comparison website. All the major UK comparison sites have recently begun to offer online cover aimed particularly at the small business sector, with under 50 employees. This is in direct competition with the direct insurers for television and media advertising space, aimed in particular at self-employed tradesmen and women who require business liability insurance and perhaps commercial van cover.

The comparison price proposition is that they can compare the market or at least a small section of it, to find the cheapest business insurance. They often do not provide any assistance in the purchasing decision-making process and the reality often is, that the cheapest commercial and small business insurance can be found in one of the other distribution channels.

It is therefore important that a small businessman shops around and takes some time to compare offerings including premiums, covers and services from all three sales channels. Prices tend to vary immensely by trade across the direct, broker and comparison markets and often it is a case of finding the provider or supplier who is the industry leader for a particular business type or trade in order to make large savings.

Ingredients of Small Business Marketing

A business may be small, but the efforts of operating it is not. Small business owners often wear many hats – financing, product development, marketing, sales and customer support. While major corporations have sufficient resources to kick off a thoroughly planned marketing campaign, small business marketing is often on a budget. Marketing a small business should not be limited to a single channel because of the size of your business. Customers will always go through the three phases of a purchasing decision making: 1) aware of the products or services, 2) collecting enough information before the purchase, 3) and action of purchasing. The ingredients of effective small business marketing provides the information they need at each stage of a purchasing process.

Reach the Customers

Most small businesses target local market. Your business, of course, should be listed on local phone directories. Ads on local newspapers and flyers will bring you business from your local communities as well. Distributing business cards is always one of the most popular and inexpensive ways for small business owners to market or advertise their services and products. For instance, some landscaping companies distribute business cards door-to-door in newly constructed communities. If your services involves with artistic design (interior design, web design etc.), color business cards or custom business cards are more effective. They show the artistic tastes of the designers.

Provide Information About Your Products and Services

Awareness of a product or service is the start-point for customers to make a purchase. They will further research and compare similar services or products before they make contact for possible purchase. Now that you need a brochure or a website to present your business with product details, testimonials etc.. If business card design makes a good first impression, brochure design and brochure printing (or booklet printing if you prefer) are effective for converting leads into sales. Brochures that you send out will get more attention if you enclose a personal note with personal touch to introduce yourself and your company. A professional Web site serves as an online brochure to promote your products or service so that the prospects can get the information about your business 365 days a year and 24 hours a day. Affordable Web hosting costs as little as $25-$50 a year.

Call for Action

Once customers have made up of their mind to purchase your services or products. The brochure or the website should offer clear direction for further actions. The advantage of a website over brochure is that you are able to update as frequently as you want, offer discount or incentives for customers who make purchase in a certain timeframe. When they’re ready, a transaction is just a few clicks on a website powered with online shopping carts.

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