We live in a world where even our side hustles have side hustles, and nearly 30% of Americans participate in the gig economy. Many people are opening small businesses online because the barriers to entry are low and the pandemic has caused a shift in how many of us think about work. So here are some tips for tax savings if you have multiple businesses. Keep Your Tax Forms Organized If you have multiple businesses, you are going to have lots of tax forms for each business, plus your personal tax forms. And with our ever-changing tax code, it’s important that you fill out your forms and organize them long before that next tax season hits. eFile360 was built with people like you in mind. We help you get your forms filed and delivered, and we offer you the option to store your year-over-year form data so that you don’t have to start from scratch every time you want to work on your business taxes. Maximize Your Deductions From home office expenses to marketing bills, legal services, and office supplies, owning a business comes with the ability to deduct all kinds of things when tax time comes around. But part of being able to maximize your deductions stems from the way you organize your business expenses and receipts. Sometimes it doesn’t feel worth it to keep the receipt for that run to the store to pick up a pack of copy paper, or to track the gas and parking expenses you paid during your last client meeting at the coffee shop. But those little bits add up. In many cases, you can even deduct some or all of your auto lease and cell phone monthly payments. And with inflation creating more price increases for everything from gas to rent, you’ll definitely enjoy getting that money back at the end of the tax season. The general rule for deducting expenses for your business is that if it is “ordinary and necessary” to running your business, it’s likely a deductible expense. Make Some Big Marketing Moves 2021 was a time for explosive and uncontrollable …
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