Feeling anxious about preparing and filing your business taxes? As a solopreneur or small business owner, navigating the complexities of taxes can be overwhelming and time-consuming.
You don’t have to do it alone. TurboTax Business is here to support your business tax journey, so you can focus on what really matters.
1. Identify the Right Tax Forms for Your Business
Understanding which tax forms you need to file can save you time and help you avoid potential penalties.
For example, if your business is a partnership, you and your partner will need to fill out joint and individual forms. However, if you have a sole proprietorship, you’ll likely only need one or two forms, in addition to your personal tax return.
2. Gather Your Documents
Once you know which forms to file, it’s time to gather the necessary documents to prepare your business taxes. Examples of documents you may need include:
* Invoices
* Paid and outstanding bills
* Canceled checks
* Deposit slips
* Sales slips
* Cash register tapes
* Credit card statements
* Bank account statements
* Employment tax records
* Year-end payroll reports
3. Maximize Your Deductions
Just like personal taxes, identifying which deductions your small business qualifies for can reduce your taxable income. Some small business tax deductions that may apply to your small business include:
* Business meals
* Work travel expenses
* Home office costs
* Business insurance
* Work-related car use
* Retirement contributions
* Rent
* Office supplies and expenses
* Business interest expenses
* Startup expenses
If you’re unsure which deductions you’re eligible for, consult with a knowledgeable tax preparer.
4. Keep Your Books Clean
Make sure your financial records are up-to-date, accurate, and organized.
While this task may sound daunting, you can use tax software to track business expenses and transactions throughout the year. Doing so can help you avoid the stress of figuring it all out during tax season. Consider using an integrated platform to keep your books clean this tax season and year-round.
For example, QuickBooks allows you to easily track your business income, expenses, and even business mileage, then you can import your information into your TurboTax Business tax return, allowing for seamless transfer of your information and a done-for-you tax experience.
5. Partner with an Expert
You don’t have to tackle your taxes alone. Work with an expert tax preparer who not only knows what you need now, but can anticipate what you may need in the future.
TurboTax Business is here to help. When you use TurboTax Business, you’ll be matched with a tax expert who can maximize your deductions and securely prepare, sign, and file your small business taxes.
Best of all? You’ll also have access to unlimited year-round expert tax support at no extra cost. To learn more, visit TurboTax.com/Business.
Source: BrandPoint (Edited by d-mars.com)
