Don’t overlook these key details when handling your small business tax preparation.
It’s important to dot all your i’s and cross your t’s when working on your small business tax preparation. Filing taxes isn’t easy. If it were, the IRS wouldn’t find so many reasons to audit companies each year. As a small business owner, having impeccable tax records is crucial. But, with so many ever-changing rules and regulations, it’s difficult to remember every little detail. Taking the time to go over your taxes with a fine-tooth comb will protect your company in the long run. Here’s how:
Save Money on Taxes with Deductions
As a small business owner, you need to save money whenever possible. When tax season rolls around, it’s vital that you claim every deduction possible. No two companies are alike. Because of this, you need to keep pristine spending records. Make sure you record and categorize every business expense. Store receipts in a safe place and consider making backup copies. That way, when it’s time to do your taxes, you’ll be able to locate everything you need to deduct business expenses. By claiming all deductions, you’ll owe less in taxes during the year.
Don’t Forget Any Tax Filing Dates
The tax calendar isn’t forgiving. If you miss a deadline, the IRS may penalize your company. Depending on how much you make, a penalty may financially devastate your business. You need to remember every tax filing date. In addition to the April 15 deadline, you must also stay on top of making quarterly payments throughout the year. Unfortunately, too many business owners get caught up in other aspects of their company and forget. Do whatever it takes to make sure you don’t make any late payments.
Reduce the Risk of a Tax Audit
There’s no word in the tax world more terrifying than an audit. You probably got goosebumps reading it right now. The IRS audits small businesses from all industries. No one is entirely safe. However, keeping clean records will reduce the chances of making any mistakes on your tax return. And, if you do find your company facing an audit, your detailed record keeping will make it easy to prove and win your case. Before you put your taxes in the mailbox, make sure you filled out every line and signed the return. Believe it or not, the government often audits a business because of a simple mistake, such as a missing comma or data entry error. Paying attention to the small details will help lower your audit risk.
Trust a Professional Accounting Team
Just because you own a small company doesn’t mean you have to handle everything by yourself. It’s your job to make sure your business thrives. Outsourcing your accounting will take a huge weight off your shoulders and prevent you from making simple errors. You won’t have to worry about overpaying the IRS or filing late. Imagine how much free time you’ll have once you let a professional accounting team take over.
Accounting Partners, Inc. is ready to help manage your company’s accounting and tax needs. We customize our services to meet the individual demands of each client. From managing payroll to preparing your taxes, we do it all. Never worry about overlooking the small details again!
Call 678-990-0924 for a free consultation to learn how small business tax preparation can help your business.