Owning a business can be both difficult and rewarding; however, holding an international company can pose challenges unique to the entrepreneurial industry. When it comes to tax season, gathering all of your documents, receipts, and crunching numbers can take up hours of your time; that’s why our accountants at JLW Tax & Bookkeeping Services in Springfield, IL, are here to help you learn how to file your taxes as an international business owner. Keep reading below to learn how to report your earnings, take advantage of your deductions, and more!
Report Your Earnings
Like any other business owner or individual, reporting your earnings is a standard step in filing your taxes. As a business owner, claiming the accurate amount of profits your business acquired for the current year and your earnings is essential to determine the amount of taxes that should have been paid. Our accountants at JLW Tax & Bookkeeping Services in Springfield, IL help international business owners avoid double taxation – schedule an appointment with us today to learn more.
Take Advantage of Deductions
Deductions are a business owner’s best friend. Depending on the type of international business you are running, everything from your car to your cell phone and even bills from a restaurant can be deducted from your owings at the end of the year. These categories are the most common that international business owners can deduct from their current taxes: advertising, legal services, licenses, meals, entertainment, travel, vehicle expenses, supplies, rent, and more. If you need help filing your taxes this year as an international business owner, contact our accountants at JLW Tax & Bookkeeping in Springfield, IL.
Track Gross Receipts
Keeping track of your receipts is essential for filing your international business taxes accurately. Not only does it help with proving the purchases you are deducting from the amount of taxes you will owe, but it keeps track of your revenue and costs that can sometimes get lost in big and small purchases. Our accountants at JLW Tax & Bookkeeping recommend investing in a quality, closeable portfolio to keep your receipts so that you never misplace them when tax time comes around. For more tips and help with your taxes, call us today.
Reach Out to A Professional Accountant to File Your International Business’s Taxes
If you own a relatively small business just starting, chances are you can file for taxes on your own through tax-aiding software; however, for international business owners, it is a different story. Since the process of your business is more complicated than a traditional brick-and-mortar establishment, extra steps must be taken to ensure your taxes are filed correctly. So don’t try to file taxes on your own; contact experienced and friendly accountants like ours at JLW Tax & Bookkeeping Services in Springfield, IL. We offer various tax services to international business owners, so call us today at 217.679.1872 and schedule an appointment.
