It’s nearly springtime here in Colorado, and that means that the tax return deadline is approaching fast. If you are a small business owner, it’s important to get a head start on your taxes, so that you don’t end up with questions and confusion as the clock ticks away. For entrepreneurs, sole proprietors, and small companies, getting everything in order for tax season can take a while. And that’s okay! There are a lot of aspects to cover, in filing your tax return, and you want to do it right, to avoid any penalties.
There are a few things that you should have in order, before you plan to file your annual small business taxes:
1. All of your financial paperwork
This is the meat of your filing- your income, debts, and expenses (both those you can write off and those you can’t). Gather up all of this information from bank statements, loan documents, and the like.
2. Your employee/payroll records
If you have employees, this data is important too. You should be able to show what you contribute to their healthcare, retirement, and other benefits, as well as their pay and tax withholdings.
3. The correct forms for your business
Depending on your business size and structure, you will need certain forms for both your federal and state tax filings. Make sure you know which ones these are, so you don’t have to start over when they refuse to accept them.
4. A great tax accountant
When you’re up against complicated paperwork, or you simply want the peace of mind that comes from knowing your taxes are done perfectly, a small business CPA is a great investment. Reach out to schedule your consultation with S.J. Wick & Associates today!