Get help with tax preparation services before you find yourself pushing the tax season deadline.
Here at Accounting Partners, Inc. we are always available to help you with our wide variety of tax preparation services. However, if you want to streamline the process and prepare for tax season before you get down to the wire, we do have quite a few tips that can help.
Keep Extensive and Accurate Records:
Even if you do find yourself filing your taxes at the last minute, keeping extensive and accurate records can be the difference between a nice easy filing process and a filing extension nightmare. Whether you plan to handle most of your tax filing yourself or leave it to us, accurate records will definitely streamline the process and prevent any last minute headaches. Here are some records that you should keep throughout the year:
- Receipts or Proof of Purchase of Items That May Be Deductible
Know Your Deduction and Credit Limitations
Deductions and tax credits change on an annual basis. So, keeping informed about what you’re entitled to is essential. That will help us to assist you in minimizing your tax payment.
Separate Your Expenses
Part of keeping accurate tax records, especially if you are a small business owner, is knowing how to separate your business expenses from your personal expenses. Some things to keep in mind about that are:
- Do not claim a personal vehicle as a company car.
- Avoid filing for a home office deduction unless you actually have a home office that qualifies for that deduction. Not all businesses are allowed to claim home offices.
- Keep your business finances and personal finances separate from one another and keep accurate records of each. That includes making sure that you have separate credit cards and bank accounts.
Generally, you can get some clarification about what you can and cannot claim as a business expense straight from the IRS website. However, Accounting Partners, Inc. is here to help you and answer any questions that you may have as well.
Don’t Make Yourself or Your Business a Target for an Audit
In order to prevent a last-minute tax nightmare and plan to use our tax preparation services ahead of time, you can help us and help yourself by not making yourself a target for an audit. The IRS looks for certain things that they consider to be signs of deception on tax forms. Here are a couple examples of what not to do on your tax forms:
- Do not select “independent contractors” when you actually have employees. They are two different things, and claiming the wrong one can make it seem like you are trying to avoid paying the taxes associated with having regular employees.
- Do not try to claim too many deductions compared to your income level. That’s a surefire way to raise the eyebrows of an IRS representative.
Plan for Payments Ahead of Time
If you have a reputable accountant, they can help you to figure out what your tax payment is likely to be. It’s best to figure that out as early as possible. That way you’ll have the money to make the payment when the time comes and you won’t be left caught off guard by any unpleasant surprises.
The bottom line is that a little organization and basic knowledge can go a long way toward getting you ready for tax season. But you don’t have to prepare alone. Our trained professionals at Accounting Partners, Inc. would be happy to help you to file your taxes in an accurate and timely manner. Just call us at (678) 990-0924 for more information about the tax preparation services that we offer.
Call (678) 990-0924 for a free consultation to learn how professional tax preparation services can help your business.