O'Fallon, Missouri
1008 Rock Creek Elementary School Dr
O'Fallon, MO 63366
855-553-2665

Experienced Accountants Highlight 4 Tax Prep Tips for Business Owners January 18, 2018

O'Fallon, O'Fallon
Experienced Accountants Highlight 4 Tax Prep Tips for Business Owners, O'Fallon, Missouri

Preparing your taxes is one of the most stressful aspects of owning your own business. Even if you don’t have many employees or a lot of capital investments, the constantly changing tax code and confusing regulations can cause you to make mistakes that might have serious consequences later on. While there’s no way around filing your taxes, getting everything ready for your accountant in advance can take some of the stress out of tax season.

4 Tax Prep Tips for Small Business Owners

1. Find a Tax Preparer

accountantAs deadlines loom and people rush to their CPA or tax prep office, most professionals will quickly get swamped. Even if they’re able to take on new clients, accountants won’t be able to give each client the in-depth attention you might need. The sooner you line up a qualified tax expert, the better.

2. Start Early

Begin gathering your documents as soon as you can, and make an appointment as soon as you’ve received all of your earning statements. Starting early will give you a chance to deal with any unexpected issues before the deadlines arrive.

3. Gather Your Revenue Documents

Forgetting to include income sources may result in potentially serious penalties later, so prepare a profit-and-loss statement and have your gross receipts ready. If you’re self-employed or an independent contractor, you’ll need to get all of your 1099s together.

4. Collect Your Receipts

Deductions will go a long way toward lowering your tax liability, but you have to have proof before you can write off a purchase. Collect receipts for all of your deductible expenses, including any you’re not sure about. Your accountant will help sort through and figure out what you can deduct and what you shouldn’t.


 

The expert team at A-Z Business Solutions have more than 25 years of experience providing a variety of financial and administrative services to companies throughout the Tampa Bay area and O’Fallon, MO. Whether you’re looking for an accountant to handle your day-to-day operations or help with your taxes, you can rely on them to take the financials off your hands so you can focus on running your business. Get more financial tips on Facebook now, and visit their website or call (855) 559-2665 to schedule a consultation.

Other Announcements, Events and Deals from A-Z Business Solutions, Inc.
Accounting 101: Knowing When to Calculate Sales Tax, O'Fallon, Missouri
Knowing how much sales tax to add on to a product or service is a key calculation for businesses. From the state where the company is located to knowing which items are tax...read more
What You Need to Know About Tax Extensions, O'Fallon, Missouri
Tax season is just around the corner, and it’s time to start thinking about getting your documents together to start your annual tax prep with your trusted accountant. Though everyon...read more
5 Tax Deductions for Small Businesses , O'Fallon, Missouri
If you’re a small business owner, the prospect of paying your hard-earned money to the government at tax time can be stressful. One of the best ways to reduce your bill is to make su...read more
8 Common Tax Mistakes Business Owners Make, O'Fallon, Missouri
Tax preparation is extremely complex, especially for self-employed taxpayers or those who run a small business. As accomplished as they may be in their respective fields, many busine...read more
Essential Steps for Small Business Tax Prep, O'Fallon, Missouri
For many small businesses, yearly tax prep can be a real pain. However, with the right information and assistance, you can rest assured that your business’s taxes will be filed accur...read more