GEICO’s Tips for Small Business Owners at Tax Time

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:

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Business owners use IRS Form 1120 when electing to be taxed as a corporation. (Photo: Business Wire)

• 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.

For more information about commercial insurance, visit GEICOCommercial.com
to research and buy a policy online,
or call one of our agents at 866-640-2658 to walk through what
you may need.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190323005001/en/