7 Tax Facts Entrepreneurs Need to Know Before Filing This Year

7 Tax Facts Entrepreneurs Need to Know Before Filing This Year

Author: Keith Hall / Source: Entrepreneur As the Tuesday, April 18th tax-filing deadline looms ahead, you probably have already started t

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7 Tax Facts Entrepreneurs Need to Know Before Filing This Year

As the Tuesday, April 18th tax-filing deadline looms ahead, you probably have already started to gather all of your necessary tax documents and are likely spending your afternoons organizing them into neat piles of paperwork. This may include business receipts to W-2 forms, investment statements, student loan documents and other important, personalized financial documents necessary for filing a complete and accurate 2016 tax return.

Regardless if you are a self-employed entrepreneur, small business owner or an American taxpayer with status as an employee of another business or corporation, we can all agree that getting it right and filing an audit-proof return is critical. After all, audits could potentially mean significant increases in the amount of tax you will eventually owe, so being prepared on the front-end will reduce any future headaches. Whether you are using a professional service or doing it yourself, there are consequential updates and reminders for the tax code you should know before submitting this year’s tax return.

You may have heard or read about the contentious debate in the nation’s capital about how to reform our country’s tax system. The tax laws we currently have in place are lopsided, incredibly complicated and treat millions of American small businesses lining Main Street unequal with their larger, corporate Wall Street counterparts. According to the latest U.S. Census figures, small businesses account for more than 78 percent of the entire business community, representing over 27 million businesses nationwide. It is important that any tax reform ensures small businesses, the lifeblood of our economy, are treated equally on the playing field with their big business…

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