We know running a small business is hard. Not only are you working to make sure your business stays or becomes profitable, but you also have to worry about taxes. Tax code for businesses can be tricky and trying to weave your way around them can lead to headaches, lost time and pressure. Thus, we have compiled a list of 3 top tips to make completing your small business taxes a bit easier.
As mentioned above, small business taxes can be complicated. When you are running a business you have tons of expenses, investments, payroll etc that can complicate the tax process. Add that to the fact you are running your own business and things can get worse. Our advice is to make sure you choose a knowledgeable and reliable professional accountant to prepare your business tax returns due March 15, 2016. The advantages outweigh any disadvantages, as a proper CPA will save you money.
Second, make sure you have filed and mailed out all required W2’s and 1099’s for 2015. This is an important step and a professional CPA can greatly help you with this.
Third, be sure sure that you have filed all required quarterly and annual payroll tax returns with the federal and state taxing agencies. This is straightforward as every quarter your payroll information needs to be reported on forms 941, as well as with the SUTA agency. The annual payroll return is form 940.
Don’t feel overwhelmed is the main tip. If you feel that you need help, contact us, and we will be sure to get your small business taxes on the right track, and save you money.