Self Made Archive

The complicated process of filing taxes is often not clearly understood until a person goes through their first tax season. For a person using only a W-2, the experience may have been limited to “painstaking”. For someone who freelances or owns their own business, the process could have easily become mentally painful. If you’re looking for a way to improve the way you do tax season, here are some steps you should be taking.

Small business is entrenched into America. Starting a company from scratch and building it into something formidable is the embodiment of the American dream. There has been a substantial amount of speculation since the 2008 economic recession that this dream is largely dead, however, hard data proves otherwise. Small businesses built from the ground up have generated over 65 percent of the net new jobs since 1995. These same businesses continue to produce upwards of 50 percent of the private non-farm GDP.

Part of the thrill of owning a business or working as a freelancer is the control it seems to offer. You don’t answer to anyone but yourself; the growth of your capital depends on your hard work, and you’re the one who reaps the satisfaction and the financial rewards of a job well done. Unfortunately, many self-employed folks find themselves subject to another boss: their work. They find that they and their families have become slaves to the unbelievable effort it takes to maintain a business. Sure, they have the ability to excel in their field, but they’re drowning in their own business.

Did you know that 90% of startups fail within the first five years? 45% will close their doors in the first six months. 62% of startups fail because of conflicts between co-founders. Clearly, the numbers are not in your favor. ​That doesn’t mean you shouldn’t try.

Another year, another tax season, more unjust taxes on the small business community. Despite stepping out of the unemployment line and into a new, job creating small business on Main Street, small business owners could be hit with another unfair tax this year when they file their returns.