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Be happy to know that you can take advantage of receivables factoring if you are a small business owner and you have to settle your dues now. With this kind of financial option, you will have the peace of mind knowing that you can deflect large tax debts and late filing punishment fees.

Here are several helpful tax advice for small businesses.

Separate your funds - Sole owners, most specifically, must learn to separate money for business and private expenses. Why? Because at tax time, by splitting your expenses, you'll find that it is much easier to trace your expenses.

It's even a good thought to have a separate business telephone - so you can properly apportion deductions for business calls.

Did you know that your business cards, domain name, web site hosting, advertisement, as well as other office supplies are deductable? Plus, 50% of your business-related food or entertainment expenses are deductible.

It's also helpful to use your debit card and checks when paying for the expenses of your business. Avoid withdrawing cash. Payments paid to retirement plans can also be deducted. The same holds true for your health insurance expenses.

Vehicle expenses, such as gas, oil, parking and toll expenses, can also be declared. You have the choice to make the actual expense deduction or the standard mileage deduction; but in either case, parking cost is always allowable. Or, rather than recording mileage, make sure that you utilize a mapping web site like Mapquest.com to compute the mileage only to and from business-related destinations.

You can also deduct a portion of your house (including utilities) if you are running a home office.

Remember, long used as a way to provide peace of mind, you can sell credit-worthy invoices to an accounts receivables factoring company who can help you obtain extra funding for quick working capital to settle taxes.

When it is time to file, e-filing is fast, accurate and easy. Many tax preparation programs come with commands that are able to automatically look out for errors. This is helpful in maintaining your tax return documents precise and up-to-date.

At the same time that one electronically files a federal return, a taxpayer also files a state tax return. The IRS then electronically gives an electronic acknowledgement upon receiving a return. If you file electronically, your refund will be given in about half the time it would take compared to filing a return by paper or mail.

When it comes to your IRS and tax inquiries, check the small business and Self-Employed Tax Center at www.irs.gov. For more information about invoice or receivables factoring, contact The Interface Financial Group (IFG) at 877.210.9748.