Now that you are frozen with fear consider these words from Benjamin Franklin. "In this world, nothing is certain except death and taxes."  If Mr. Franklin were around today, he probably would have said, "In this world, nothing is certain except death by taxes."

It's tough to run a business.

Running a business is hard enough without adding the complexity of filing taxes each year. Here are eight suggestions to help make tax time easier for you.

1. Hire the right accountant.

Your accountant should work with you throughout the year to track income and spending, ensure you don't have a cash flow problem, and monitor your gross and net profits. Work with your accountant from day one of opening your business, not just in March and April, for tax season.

2. Keep accurate records.

Keeping thorough and accurate records throughout the year will ensure your tax return is correct. With inadequate record keeping, you could be leaving deductions on the table, or, worse, you could be putting yourself at risk for an audit. Every business should invest in a basic version of accounting software because it is user-friendly, inexpensive, and helps you keep track of all your income and expenses.

3. Separate business from personal expenses.

If the IRS audits your business and finds personal expenses mixed with business expenses, regardless of whether you reported business expenses correctly, the IRS could start looking at your personal accounts because of commingled money. Always get a separate bank account and credit card for your business and run only business expenses through those accounts.

4. Claim all income that is reported to the IRS.

The IRS gets a copy of the 1099-MISC forms you receive so they can match the income you've reported against what they know you've received. Ensure the income you report to the IRS matches the income reported in the 1099s you received. Not doing so is a red flag for the IRS.

5. Correctly classify your business.

Failing to properly classify your business could result in overpaying taxes. Deciding whether to classify your company as either a C Corporation, S Corporation, Limited Liability Partnership, Limited Liability Company, Single Member LLC, or Sole Proprietor will affect your taxes differently.

6. Understand the difference between net and gross income.

For example, if it costs $100 to make your product and you sell it for $150, your gross income is $150, and your gross margin is $50. But, after you deduct your expenses, your net income might drop to $10. Knowing your gross and net income is important to help you become more profitable and grow your business.

7. Manage payroll.

To save money, some business owners will hire a lesser-known payroll service, only to find out later the service wasn't remitting payroll taxes for the company. If that happens, the business owners are on the hook for the payroll taxes.

8. Take advantage of capitalization rules

If you acquire a tangible piece of property or equipment for your business, you may be able to take a significant deduction. Make sure your accountant understands the rules around capitalization.

Resources for Small Business Tax Planning

• The SBA offers a guide on navigating the tax code and staying up-to-date on your tax responsibilities as a business owner.
• The IRS maintains an information center on self-employed and small business taxes.
• Small Business Taxes: The Virtual Workshop: Everything a new business owner needs to know to help you meet your federal tax obligations.

It's never too late to boost your business with a merchant cash advance (MCA) from Quikstone Capital Solutions. Quikstone's MCAs can be used for just about any business expense – paying taxes, buying new equipment, expanding or remodeling, adding digital technologies like self-ordering kiosks, hiring additional staff, or preparing your business for the next big holiday event. 

If you accept credit cards, you could qualify for up to $250,000. There's an easy one-page application. There are no hidden fees, and no collateral is needed. 

Just fill out this simple form, and we'll be happy to review your business plans, provide you with more information or answer any questions you might have.