As a small business owner, you have plenty of work on your to-do list already. Save time and money with Tax Defense Network’s small business tax preparation services.
Running a small business is hard work. You’re grinding every day to keep things moving forward. Finding time for small business tax preparation is probably not at the top of your to-do list, but here are three things you can do to stay on track.
As a small business owner, it is very important that you keep your personal and business accounts separate. You’ll also want to keep detailed records of expenses as they occur. This not only includes receipts and invoices, but also notes or logs you may keep for travel. If you’re working from home, be sure to set up a dedicated space that is used solely for your business.
Depending on your situation, you could be required to pay not only federal taxes, but also state taxes (sometimes in multiple states). Be sure you know the payment deadline dates, and set up a savings account specifically for taxes. You’ll also need to decide if you’re going to pay in full or make estimated quarterly tax payments throughout the year. If you find that you’re unable to pay your taxes on time, you’ll want to look into a payment plan, as well.
Small business tax preparation requires a significant time investment. On average, it will take at least 24 hours to gather your documentation and complete your forms. If you have employees, it will take even longer. You’ll also need to stay on top of new tax laws and any changes that may affect your business. Hiring a tax professional not only takes this burden off your plate, but also ensures you will not make costly errors that could haunt you later. A tax professional, like those at Tax Defense Network, can help you maximize your deductions and minimize your tax liabilities. And, in most cases, your business tax preparation fees are tax-deductible.
Another advantage to hiring a tax professional is tax audit representation. On the off chance your tax return is selected for an audit, Tax Defense Network will have your back throughout the tax audit process.
Whether you decide to tackle your taxes on your own or hire a tax professional, the following will help you gather everything you need to get the job done.
For this category, you’ll want to gather receipts, sales records, and bank statements pertaining to your business income.
The following is a list of expenses you may incur as a small business owner. For any that apply to you, be sure to gather the necessary documentation to include in your tax preparation.
At Tax Defense Network, we offer affordable small business tax preparation, payroll, and other business services to help you succeed. Contact us today for a free consultation.