Top 3 Tips for Small Business Owners this Tax Season

There’s nothing that small business owners look forward to less than tax season.

To help get you in tax-mode, we’ve outlined the top three best practices for small business owners.

By keeping these tips in mind, your 2014 tax season should be less stressful:

1. Let a Professional Handle Your Statements
Leave the complicated stuff to the experts. It’s best to focus on what you do best – providing a quality product or service for your customers – rather than spending days or weeks on paperwork. The opportunity cost typically outweighs what you pay, and saves you a few sleepless nights.

2. Don’t Forget Your Self-Employment Deductions
If you’re self-employed, then you likely are able to claim deductions via the Small Business Jobs Act. For example, medical and dental insurance cost are typically deductible. Be sure to ask your accountant about self-employment deductions.

3. Some Tax Cuts Have Expired
It’s important to remember that 55 tax breaks expired at the end of 2013 (click here for the full list). So, if your business relies on significant tax cuts, be sure to check that they’re still in effect before filling out your paperwork.

Remember, the tax-filling deadline is April 15th! Don’t be caught off guard.

OnDeck is a Google Ventures-backed company with an A+ Rating with the Better Business Bureau. The company offers small business loans nationwide to over 725 different industries.