April 15 is right around the corner and if you haven’t done so, now is the time to prepare your business for tax season. We hope you’ve already done everything we recommend here, but if not this is a good crash course to get up to speed quickly so you can properly file your taxes.
Find a Professional
Use an accounting firm that specializes in small businesses and small business owners. You have unique needs and deserve the expertise and professional attention to help you thrive. And, we can’t emphasize this enough, don’t go it alone.
Both your yearly tax payment and your estimated first quarter payment are due April 15. Depending on your business and its tax situation, this may result in a significant cash outlay on this date. Plan ahead so you’re not worrying about making your payment.
Gather Your Records
Filing your taxes requires you to be organized. You’ll need last year’s tax returns, an accounting of your business income, business expenses (office supplies, equipment, payroll, retirement plan contributions), 1099s, and any earned interest and dividends. From there, your tax professional can get to work on your returns.
Consider When to File
Payments are due April 15, but you can file an extension until October 15. Why? This gives you time to compile the necessary records and ensure you are taking advantage of every possible deduction and credit.
Alternatively, if you know you’re getting a refund, why wait? You can file your taxes today and start the process of having cash returned to you.
You’re busy running your business, hiring employees, and trying to grow and earn money. We understand exactly how little time you have to focus on yourself and your taxes. That’s why we can help prepare your business for tax season with accounting plans beginning at as little as $50 per week. Schedule your free business consultation today.