10 Basic Tax Details Accountants Wish Your Business Knew

Tax Tips Header

Taxes are complicated and scary and best left to the professionals—right? Yes, in most cases, but there are key things you should know in order to make your business’s tax time run more smoothly.

For starters, get to know the basics about charitable contributions and what you can and cannot use, and how volunteer hours may be accounted for.

Driving is also a big expenditure that many businesses don’t understand. Can you deduct parking and tolls and repairs? It depends on the method of tax recording and prep you use.

Retirement is misunderstood as well—how different options affect taxes both today and in the future. But helping employees understand their choices can be of great benefit.

Don’t let tax time freak you out. Instead, focus on the basics in this graphic to get some insights about what mistakes you might be making, what you can change, and what you need to know.