NachoTuesdayTaxes for SMBs: How to Pay Less and File Correctly

Webinar summary
Ada from Bench Accounting introduces their bookkeeping and tax filing service designed to support small business entrepreneurs who are often underserved by traditional accounting firms. Bench provides a dedicated team of human bookkeepers paired with intuitive software to handle the time-consuming task of bookkeeping, freeing up business owners to focus on growth. Adda emphasizes the complexity of the US tax system and highlights common pitfalls and missed deductions for SMB owners, stressing the importance of understanding deadlines, capturing all business expenses (even on personal cards), and correctly categorizing expenses like merchant fees and interest. She also touches on home office deductions and the nuances of deducting business meals. Adda recommends working with a professional to navigate the complexities of tax law and to ensure all eligible deductions and credits, like the R&D tax credit, are claimed.
Key Talking Points:
- Bench Accounting: Bookkeeping and Tax Services Designed for Small Businesses: They offer a human-powered service with software to simplify bookkeeping and tax filing, helping entrepreneurs save time and money.
- Navigating Tax Season: Awareness of Deadlines and Common Missed Deductions is Crucial: SMB owners need to be mindful of filing deadlines (March 15th for S-Corps/partnerships, April 16th for others), and common oversights include merchant fees, interest paid, and business expenses on personal cards.
- Professional Guidance is Key to Maximizing Tax Savings and Avoiding Pitfalls: Given the complexity of the US tax code, working with an accountant or a service like Bench is essential to ensure compliance.