If you thought tax season was rough on you as an individual, wait until you run your own business and have to pay the IRS. Tax time is rarely a pleasant experience for anyone, but with the right attitude and help from tax preparation West Palm Beach specialists, you don’t have to dread April 15th next year. There are several things you can do now to help you get ready for the all-important IRS filing deadline.
There are many small business operations that rely on the owner to keep everything going, including the finances and records of transactions. If you are that owner, you could be drowning in paperwork and accounts long before it’s time to make your first payment to the IRS. Software systems can help you manage all these details, but you need to establish an accounting and filing system for the hard copies of all important documents. If you don’t have the time to do this job yourself, it is definitely worth bringing in someone to handle financials.
When you are ready to file your taxes, you want to be able to get every deduction or credit you can. This will mean that your receipts and expenses are very carefully documented. Don’t just keep a stack of receipts. Teach your employees and your own self how important it is to put the exact details of the transaction or reason for expense on the receipt. Better yet, establish an expense report form that must be turned in with each receipt you have or put on file. Be sure to include who was there and why the expense took place (entertainments, sales lunch, etc.).
If you have done most of the work for the business yourself, you may not need to fill out any tax paperwork for employees or subcontractors. Always check with a CPA or tax specialist for help on filing your taxes.