Checklist for Tax Preparation in Small Businesses

Here's your small business tax preparation checklist. Tax season can be stressful.

We are experts in business tax preparation and have created this checklist to help save as much as possible on your taxes. Here are a few essential things to keep in mind when you file your small-business taxes.

As with all things, it is not a good idea to do this alone. The cost of finding the right tax-preparation professional, especially for those who have small business backgrounds, is often more worthy than handling the tax preparation by yourself.

Confirm the filing deadline

You should first determine what the tax filing deadline is for your type of business. Owners of sole proprietorships, single-member or multimember LLCs, as well as corporations with a tax calendar ending on December 31st, will need to file taxes with the IRS before April 15 rolls around.

Small business owners should find it easy to remember this deadline. It's also the same day that personal taxes must be filed with IRS. This day is often referred to in the United States as Tax Day.

However, partnerships and multimember LLCs are not subject to the corporation tax, while S corporations must file a separate tax return. These businesses should file their taxes by March 15

Get Your Records Together

If you're looking for tax professionals to help you file your taxes, the next step is to ensure that your business records and tax records are organized and ready to go.

Financial records may include balance sheet information, income statements, complete documentation of all business receipts, credit card statements, loans, etc. These documents should be printed, organized, and ready for your tax preparers.

If these information are not available, financial statements will be created using raw data. This includes the amount of money your business made, all the money paid out, what you bought or invested in, and how much you made or lost.

Also, you will need information about your Taxpayer ID Number or Federal Employer Identity Number (or both).

A top-tier team of small-business tax experts will always be available to help. They can explain what kind of documentation is needed, where to find it and how to secure it, as well as guide you step by step through the process to ensure that you are organized.

Take advantage of ALL tax credits and deductions that are eligible.

Employing small business tax preparers has the advantage of knowing exactly how to find all the eligible tax deductions that you may legally leverage.

These experts will help you reduce your tax liability as much as possible while keeping within the limits of the law and US tax code.

Are you looking for more time to pay taxes?

Finally, your tax preparers will be able to help you file extensions whenever necessary.

Both of these things could be done by you on your own. But entrepreneurs are too busy. They don't need another crucial responsibility added to their plates in tax time.

If you can, get professional help.