Personal taxes can be complicated. Business taxes can be even more difficult. If you own a small business, tax time can be challenging.The livelihood of any company is at least partially dependent on its ability to minimize its tax liability, while meeting the requirements of the IRS.

While taxes are rarely enjoyable or interesting topic, they’re a part of any business owner’s life. Getting a handle your business taxes can increase your income and help you avoid legal issues.

Check out these tax-saving strategies that are helpful for any small business:

1. Keep your tax and financial documents for at least 7 years. If you’re ever audited, you’ll need those records. Any claims made at tax time require supporting documentation. Keeping good records is an excellent idea for any small business because it encourages organization. It is very difficult to reconstruct records at a later date.



2. Know your deadlines. It isn’t all about April 15^th. While most business entities can wait until “tax day,” C-corporations are required to file within 10 weeks after the fiscal year ends, which is normally December 31^st.



3. Understand your loans. The IRS doesn’t classify most business loans as income. But the interest paid on loans is generally a deductible expense. It’s important to have records regarding the use of any loans. It might be for equipment or to finance some other activity.



4. Know the different types of audits. There are several types of audits and some are more intimidating than others.
   • Office audit: Generally this is a simple audit. You’ll be requested to report to your local IRS office to resolve some discrepancy.
   • Correspondence audit: You’ll just be asked to send in a document via mail or fax.
   • Field audit: These tend to be very thorough audits and they are conducted at your place of business.
   • Criminal investigation audit: Consult your lawyer. You’re suspected of tax evasion.



5. Pay your quarterly tax bill. This is a common mistake. If you have an employer, your taxes are regularly taken out of your paycheck. If you’re self-employed, you’re required to estimate your tax each quarter and pay it. Failure to pay this can result in a significant tax penalty. You might also end up with a bigger tax bill than you can handle in a single payment. Make a habit of setting aside a portion of your profit each month in anticipation of paying your quarterly taxes.



6. Prepare early. The vast number of tax filers wait until the last minute. If you’re expecting a refund, this can be the worst time to file. The IRS is overwhelmed with all the tax returns that pour in. However, this can also be the best time to avoid an audit. Preparing your tax return earlyleaves you time to find any missing documents and answer any questions.



7. Get help. Depending on the complexity of your business’s finances, hiring an expert to prepare your tax return might be a good idea. In theory, the money you spend ought to result in a smaller tax burden. It’s also helpful if any legal issues arise.



8. Avoid using taxes collected from employee payroll to pay business expenses. This common practice upsets the IRS greatly. When you withhold taxes, send them to the IRS!

Taxes are a large expense for any business that shows a profit. It only makes sense to minimize that expense. Consult a tax professional if you have any questions or concerns regarding your business’ tax situation.

Try these tips when you need to fuel your motivation:

Keep your attention on the end result rather than the process of getting there. When you find yourself getting bogged down with a large project, remind yourself of the goal. It’s challenging to get started when it’s necessary to put in 100 hours of work or to lose 50 lbs. If your motivation is waning, focus on how great you’ll feel when the objective has been met.

Schedule regular breaks. Working for 8 hours straight might seem daunting, but knowing that you can take a break in 60 minutes can free up your mind enough to focus intently for an hour. Approach your work 60 minutes at time and you’ll be done before you know it.

Stand up and move around. Short period of intense exercise can improve creativity, sharpen the mind, and decrease stress. Find an activity appropriate for your environment.

Give yourself rewards as milestones are reached. Think of a few self-indulgences that you consider motivating. Break your work into reasonable chunks and give yourself a small reward as the milestones are met.  These rewards can be very small. A cup of coffee or a short break might be enough to get through a rough patch.

Do whatever it takes to get started. It’s surprising how motivation can seemingly appear from nowhere if you can just take the first step. Waiting for inspiration to get started is a mistake. You’re likely to notice that the work wasn’t nearly as disagreeable as you thought. You’ll probably be impressed with your progress and begin to feel motivated.  Whether it’s writing one sentence, making one phone call, or doing one pushup, do whatever it takes to get the ball rolling.

Find inspiration through a song or video. YouTube is loaded with inspirational movie clips and presentations. Maybe there is a particular song that motivates you. A couple of minutes spent on this sort of activity can be well worth the time. Consider listening to a favorite song or watching a video on your break time.  Avoid getting distracted and wasting hours. Five minutes is enough!

Use a timer. A timer is a very effective way to focus the mind and get things done. Knowing that the seconds are ticking away is very motivating.  Having a timer also eliminates the questions of deciding how much to do or when to stop and take a break. You stop when the timer stops.

Make a list of the benefits you’ll receive upon completion. Will you finally have the money to pay all of your bills and take a trip? Will you be proud to show off your body at the beach? Can you realize your dream of gaining acceptance into graduate school?  Keep the list handy and review it whenever your motivation is lacking.

Strive to further develop your ability to motivate yourself. Self-motivation is a powerful tool for creating a successful life. Remember that the most challenging task can be to take the first step. Get started and you’ll find that your motivation begins to grow!

There’s no reason why you can’t have the same habits as some of the most successful people in the world!

Increase your odds for success with these habits:

1. An incredible work ethic. It takes a lot of time and effort to grow a company. It’s necessary at first to be a jack-of-all-trades. Until you can grow enough to hire others to cover all the required skills your company needs to thrive, you’re going to have to carry a lot of weight.
2. Conscientiousness. When you own a business, it’s up to you to ensure that things are done properly and on time. The responsibilities are great. You don’t have the luxury of putting out sloppy work. It will always come back to haunt you.
3. Use time wisely. Time will always be a limited resource. How you use your time dictates how successful your company ultimately becomes. That means having the knowledge and experience to make wise decisions and the mental toughness to avoid distractions.
4. Have a plan each day. One of the keys to using your time successfully is to plan for each day ahead of time. Avoid going to bed without having a detailed idea of what you’re going to do the following day. When your feet hit the bedroom floor, you should already know what needs to be done for the day.
5. Wake up early. There are very few successful entrepreneurs that don’t get up very early. Some get up even before 4 a.m. How early you get up is up to you, but if you’re not beating the average person out of bed, you’re behind.
6. Set goals. It’s not enough to work hard and work smart. You also must know where you’re going. Goals help you make wise decisions. Know what you’re trying to accomplish today, this week, this month, this year, and 10 years from now.
7. Deal with stress effectively. Entrepreneurs have plenty of stress to deal with on a regular basis, so it’s important to learn how to manage it. Have a process for dealing with stress and anxiety. Learn to recognize what you can control and what you cannot.
8. Look ahead for obstacles. Avoid being blindsided by obstacles and setbacks. Be aware of your future. Look ahead for the challenges that you’re likely to face and have solutions in mind.
   
   • Think of all the major challenges in your life and notice that there were plenty of warning signs for all of them. The same is true with your business. Avoid putting your head in the sand and hoping for the best. Deal with challenges now while they’re still manageable.
     

What are your current habits? Can you see why your current habits have either helped you or harmed you on your path to business success? Think about what you want to accomplish to be successful and build a set of habits that will support those activities.

The person with the best habits usually wins. How far will you go with your habits?