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 in all 50 states and the District of Columbia. A member of the Berkshire Hathaway family of companies, GEICO employs more than 43,000 associates countrywide. GEICO constantly strives to make lives better by protecting people against unexpected events while saving them money and providing an outstanding customer experience. Along with personal auto insurance, commercial auto and personal umbrella coverages are also available. Homeowners, renters, condo, flood, identity theft, term life, and more coverages are written through non-affiliated insurance companies and are secured through the GEICO Insurance Agency, Inc. Visit geico.com for a quote or to learn more.