GEICO's tips for small business owners at tax time
WASHINGTON, D.C., March 23 – Small business owners know "tax time" is an all-year-long process. With new tax rules in effect, GEICO has four tips that could save you and your business some cash:
- Plan: Organize your paperwork and receipts on a standard schedule. With estimated quarterly taxes and monthly tax deposits due, sticking to a reporting schedule helps you avoid fines and late fees.
- Confirm: Check to make sure you and your employees have the correct deductions. According to the IRS, your commercial insurance policy premium is generally tax deductible, as are legal and accountant fees for your business.
- Document: If you're taking business deductions, make sure you have the receipts in either print or electronic form. If you're audited and can't provide proof of such deductions, you'll face hefty fines that could cost you significantly.
- Guarantee: Visit a CPA or use tax filing software that offers an accuracy guarantee. If a problem does arise, you'll have resources to help fix the issue
GEICO (Government Employees Insurance Company), the second-largest auto insurer in the U.S., was founded in 1936 and insures more than 28 million vehicles.
To make changes, report claims, print insurance cards and purchase additional products, policyholders can log into their car insurance policy, connect via GEICO Mobile, phone or by visiting a GEICO local agent.
Homeowners, renters, condo, flood, identity theft and life coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc. Commercial auto and personal umbrella coverages are also available.
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