Tax Preparations for Your Small Business
Taxes can be complicated whether they’re for your business or for your personal finances. Knowing how to approach them and where you can save is going to have a huge impact on your business. So, let’s take a look at how you can approach your tax preparations this year.
Let’s Get Organized
Before you can get started with any element of your business’s finances, you need to assess your situation thoroughly. You’ll need last year’s return to get started as well as all of your associated financial information for your business. Things like your accounting records, bank statements, payroll reports, and documentation for any assets that you’ve purchased. You will also need a copy of the depreciation schedules and details about your asset dispositions. Make sure to bring your articles of incorporation as well, as they are going to come up during the process.
Another important part of staying organized is knowing your deadlines. For personal taxes, the deadline to file is April 15th. However, the nature of your business will determine what your deadline is. If you are taxed as a C-Corp, then your filing deadline is likely April 15th as well. However, if you are taxed as an S-Corp, then your deadline is on March 15th. If you’re not sure how you will be taxed, then you need to find out as soon as possible so that you don’t miss those deadlines!
Get the Help You Need
Before you can really get rolling with your taxes, you’ll need to make sure that you have the tools that you need to succeed. QuickBooks is great for making sure that you know where all of your documents are and for gathering said information quickly. It can even help you to fill out forms quickly and efficiently to save on time. However, the most important form of help that you can get for your taxes is the help of a CPA. A CPA will not only help you figure out what you need, they will also be able to advise you on the best deductions for your business so that you can only pay what you need to and save the rest for your business.
Need Help with Small Business Tax Preparation?
If you’re looking for some help with your business taxes, then you’ve come to the right place. The CFO Source is your source for all manner of business tax preparation, accounting, bookkeeping, and more. We can help you with the trickier parts of managing your business’s finances so that you can focus on what you do best. Contact us today for more information and to set up an appointment.