“Yes, it’s tax season already.”
Bookkeeping Unlimited Tax Time Tips
We know tax time is approaching fast and that it can be stressful for small business owners. We put together a few quick tips to help you feel ready to tackle your taxes this year! Please don’t forget, we are here to help if you have additional questions.
Know Your Forms
Knowing what forms you will send, receive, and still have to fill out is a major key to success. This is the first step for any small business owner when it comes to filing your taxes and the type of forms will depend on the nature of business you run. Timing them appropriately is another important factor to make sure you, your employees, and vendors are all covered when it’s time to file.
Meet With Your Bookkeeper
This is where we come in. We can review your books from top to bottom and put together a thorough list of the financial documents to have ready for your tax preparer. If you don’t have a tax preparer, just let us know and we can set up a meeting with one of our Houston CPA Partners!
Gather All Financial Records
If you already work with Bookkeeping Unlimited, it is likely our business accounting software can help you generate most of these items. Commonly requested documents for small business owners are: income statement, balance sheet, bank and credit card statements, payroll documents, and last years business tax return. We can also help you gather 1099s!
Categorize Expenses And Review Balance Sheet
When your books are balanced, you feel balanced. Things like business or personal expenses and receipts for asset purchases need to be properly categorized. This can help you start to get focused on deductions. Many of us have loans or unresolved balances that we have paid interest on, which is often tax deductible. This should be properly reflected in your financial statements.
Focus On Deductions
The best part of doing your taxes, getting those deductions! The example listed above is one of many. We can help you properly review and deduct estimated tax payments so you don’t overpay. When you have a great bookkeeper and tax preparer, it makes it easier for you to focus on what you do best, run your business!
File An Extension (If Needed)
Our job is to make sure you meet your deadlines! Although some major changes in your business may have you realizing time is not on your side. Extensions are sometimes a necessary evil to ensure we get things done right. Don’t hesitate to talk to us or request an extension from the IRS if you don’t think you can file on time.