Finding information about your taxes, and what needs to be done when you’re a small business is essential. Of course, you can have access to someone, an accountant, that does know this information. However, when you’re the owner of a small business, you need to be responsible for making sure that all of these papers, documents and other information is in order when it needs to be. By making sure you know these facts, and tips; you can better understand what needs to be done.
Facts for Small Businesses
- EIN numbers may not be necessary, if you want to use your social security number for the business. You can file taxes and pay employees using this number, instead of your social security number.
- Knowing whether or not the people you pay are employees or independent contractors. This will determine how taxes are done on your end, as well as theirs.
- Know all of the deductions, credits and losses your business can file during the tax season.
- Work with a qualified accountant, or tax professional when you want to keep your finances and other areas in order.
- Small businesses need forms for particular parts of their taxes, and other filing statuses, as well as employees or independent contractors. All of these forms can easily be found on the IRS website, but it is recommended that you seek tax help during this time for using them.
- Always keep records of the incoming, outgoing and pending earnings that the company makes throughout the year. Receipts, copies and other documents should be filed and held onto.
- Knowing your business structure can help make taxes and other paperwork much easier.
It is a very important thing to have someone to help you throughout the tax year for keeping the best records, and also ensuring that you claim and deduct everything that needs to be. Through the use of a professional, nothing will be left out, and you can keep the clearest records possible. Speak with us here at Tax Alternatives, where we are able to ensure that your records are the best kept and that you work with the best in service for all of your business accounting and tax needs.