Before you file away last year’s paperwork, make sure you review everything and set aside any information that you need to file taxes. This can include employment records, donations and receipts for work expenses.
You can also collect the tax forms you will need to file and review them. Having these in advance can give you the opportunity to familiarize yourself with them and the instructions for completing them.
Consider hiring help
As a small business owner, you may be filling numerous roles in your company. But unless you have experience in accounting or bookkeeping, you could be doing yourself and your business a disservice by attempting to complete your taxes yourself.
Instead, consider hiring someone to file your taxes for you. This person should be skilled in business taxes and capable of identifying deductions, avoiding penalties and maximizing your return.
Of course, employing accountants is not feasible for many small business owners, as this Forbes article discusses. However, you can still get help from legal and financial professionals to avoid unfortunate surprises.
Do your research
Business owners should do their research when it comes to determining how to prepare and file taxes.
You might hire a tax professional or an in-house accountant; you might opt to use a tax preparation software. Whatever you choose, investigate the various options so that you can make informed decisions. Starting this process now allows you to take more time to find the solution that is right for you.
These basic preparation tips can simplify the tax filing process. It can also alleviate some of the stress that small business owners often feel during tax season.
The SederLaw tax attorneys have experience in all tax areas, including individual, corporate, partnership, gift, estate, trust, sales and use, and real and personal property taxation. They are committed to structuring transactions to meet the objectives of our clients. In doing so, they often collaborate with our clients’ outside accounting firms and internal tax and accounting departments to structure transactions to yield optimal after-tax results, lower effective tax rates and otherwise achieve our clients’ commercial and tax specific goals. Because of their extensive experience, they can help build a consensus on the best approach, and are prepared to support their conclusions with contemporaneous written advice that supports the anticipated tax treatment.