Business Tax Preparation: Your Step by Step Guide
Tax season is upon us, and whether you are a sole proprietor or a big corporation, you need to be ready for when it’s time to file. Business tax preparation may seem daunting, but there are ways to be prepared. Use this step by step guide to help you feel confident in your taxes for 2018.
Collect All Records
Before you can do anything else, you need to be sure you have all of your records. These records will verify your figures, like any property owned, income, and the cost of goods sold. You’ll also need a payroll summary if you have employees, a log of mileage for any travel, and a list of fixed assets. If you are a sole proprietor, you can also deduct for your workspace. You’ll need your personal records and an account of estimated tax payments. There may be more that a tax professional can help you to identify.
Fill In the Correct Forms
Depending on your status as a business, tax preparation will also include filling out certain forms. S-Corporations have different forms than, say Sole Proprietors. A list of the different forms can be found here. It’s a good idea to look at the IRS’s website and talk with a tax professional to make sure you are filling out the correct forms.
The IRS started accepting 2018 tax returns on January 28th. All individuals have until April 15th to file their individual taxes, though you can apply for an extension to extend the deadline to October 15th if you need more time to gather your documents. Make note of your specific deadline, and make plans to gather all information before that date.
Decide on a Tax Software
Finally, decide on how you wish to file. There is software available to help you out if you wish to file yourself, or you can hire a professional to work with you. For small businesses with under $1M in revenue, consider using Halon Tax. Halon Tax integrates with Quickbooks Online as well as Wave, and any manual spreadsheets can be uploaded for a CPA to process. Returns are created within minutes after your files and forms have been accounted for, and then they are triple checked by CPA’s before being sent back to you for approval. The process will take 12 hours or less and you are guaranteed 100% accuracy on your returns.
If you are a small business, think about using Halon Tax this tax season. With us, you get all the affordability and convenience of tax software while still getting a professional CPA to double check your returns. Contact us today at 612-293-8094, or send us a message online or via email at firstname.lastname@example.org.