Make sure you get everything to your accountant sooner rather than later, so they’ve got plenty of time to get your tax return done on time. You could even consider asking your accountant to let you know when they’d like to receive the information from you. There are a lot of deductions you might be eligible for if you have real estate holdings. Bring any documents that pertain to a recent home purchase, proof of paid mortgage or home equity loan interest, or proof of paid real estate and personal property taxes paid.
Excise tax
- Here you will find specific forms and instructions for each business type.
- If you’re meeting with a new accountant, this could also be a good opportunity to discuss any discrepancies that may exist between previous tax returns and what your best approach should be.
- When it’s time to file your small business income taxes, take control by gathering these documents and information in advance.
- Not only will planning ahead make filing more efficient, but it’ll help you ensure you have answers to your pressing questions ahead of time.
- Not paying or underpaying taxes during the year can result in a tax penalty, so it’s smart to enter the quarterly payment dates into your calendar.
All feedback, positive or negative, helps us to improve the way we help small businesses. If you have an Employer Identification Number (EIN), you will need to provide that, along with your legal business name.
Estimated taxes
Filing a tax return (federal or state) can be one of the most complicated financial matters you have to handle each year, especially if you’re self-employed or own your own small business. Complex codes, room for interpretation, and different rules for various situations can make filing your taxes a very bookkeeping involved process. QuickBooks automatically tracks your income and expenses throughout the year, so you don’t have to scramble to gather receipts and records come tax time. And if you’re not sure how to categorize something or have a tax question, you can connect with a live tax expert.
Contact C.E. Thorn, CPA, PLLC for Small Business Tax Preparation
Multi-member LLC members use Schedule E to report their share of profits for tax purposes. Each member must take the amount from their Schedule K-1 and report it on Schedule E of Form 1040. Not only will planning ahead make filing more efficient, but it’ll help you ensure you have answers to your pressing questions ahead of time. Here at Unicorn Accounting, our team of specialist e-commerce accountants is happy to chat about all of your eCommerce accounting needs. Note that you can deduct only expenses that are ordinary and necessary to run your business, not personal expenses. If you can claim someone else as a dependent, you’ll need the following information for each person.
- To keep your business cash flow in good shape, consider creating a tax calendar.
- Once you’ve gathered all your necessary documents, you might find it easier to trust a local TurboTax Live Full Service expert to handle your return.
- The annual roundup of financial documents is a ritual of hunting and gathering.
- You can make tax season easier by implementing business systems and processes.
- As the owner of a single-member LLC, your business will be taxed as a sole proprietorship.
- To document both personal and business expenses, make sure you have all your receipts, invoices, medical bills, and mileage logs.
You still need to keep up with your estimated tax payments during this period. Income taxes are based on the money your business makes and are paid at both federal and state levels. The way you pay these taxes and how much you owe depends on how your business is structured. Whether you want an expert to do your taxes from start to finish, or expert help while you file on your own, TurboTax has expert-backed offerings to meet your needs. With TurboTax Live Assisted, our tax experts help you complete your taxes, fix any mistakes, and explain what’s next.
Failing to comply with sales tax regulations can result accountants for self employed in penalties and interest. Familiarize yourself with your state’s specific requirements or consult a tax professional to ensure you’re collecting and remitting sales tax correctly. That’s why staying prepared year-round can help make filing easier when tax season comes around. We’ve compiled the essential steps you need to follow to streamline your small business tax prep and filing process. We’ll help you track future due dates so you never miss another tax filing.
With QuickBooks, get every tax deduction you deserve.
To verify the income amount on your profit and loss statement, you need to provide your accountant with income records. You will need to furnish your tax accountant with basic personal information, including your legal name, current address, bookkeeping for cleaning business and social security number. With everything you have to keep track of as a business owner, it’s understandable that record-keeping can get lost in the fray. Setting up a system for tracking your spending, payments, and more can help you stay organized. Whether you’re a single-member LLC or multi-member LLC, you can use Form 8832 to elect to be taxed as an S-Corp or C-Corp. If you elect corporate taxation, you’ll need to file a separate tax return for your LLC.
Your CPA will review your prior year’s taxable income, tax liability calculations, and any tax credits reported. Be sure to notify your accountant about any business changes since last year’s return. Before you hand off these documents to your small business tax accountant, double-check this year’s tax dates to ensure you’re hitting the right deadlines. Once you understand which category your small business falls into you can begin business tax preparation by filling out the appropriate tax forms. Share your financial statements with your small business tax accountant.