Tax season for small businesses can be a daunting time. As the new year approaches, there are several things that you should do to plan, prepare and work with your accounting team or a CPA to ensure a proper, legal and on-time filing.
There are several dates to be aware of and it is important to know what to file and when. In January, for example, you will need to file your estimated tax payments and send out W-2 forms for your employees. Make note of the all the deadlines and do not be late in filing these forms with the IRS.
More to take into consideration is how you pay your small business taxes – as a corporation, limited liability company, sole proprietor or partnership. Consult with a CPA, CFO or other internal accounting teams to determine how to file. In addition to filing on time, how you file is vitally important.
Preparing for tax season for small businesses will keep you ahead of the game and prevent you from finding yourself stuck in a bad situation. Gather your business’s financial records and other applicable documents and make sure they are available for when you get to the work of filing. Some important documents you will need are your return from the previous year, any applicable accounting documents, bank statements and payroll information. Keep all this information handy, as well as other documentation like receipts from travel expenses, advertising and rent.
Lastly, do not overpay your taxes. You can save a lot of money by taking advantage of several deductions that are available for small businesses. This tax season, take the time to research or consult with a CPA regarding deductions for insurance, inventory costs, rent, vehicle expenses and other money-saving deductions that you may not be aware of.
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Location: SCORE Office
Westland Office Park, Building M (at the rear)
5524 Bee Cave Road
Austin, TX, 78746
Date & Time: Wednesday, February 6, 2019 from 10:00 AM to 12:00 PM CST
Are you joining the many small businesses that use QuickBooks for tax accounting? With a focus on the online version, we offer a basic introduction to using QuickBooks. For experienced users, we recommend using SCORE's free one-on-one mentoring.