As a small business owner, tax season can be overwhelming. If you’re ready to embark on the state tax preparation process, we have some tips to make the process easier on you.
• Gather Your Records. Before you think about doing anything else, make sure that the first thing you do is gather your business’ state tax preparation information. Make sure that all of your books and records are accurate and up-to-date and that the numbers that will support your tax return are clearly organized. This may include your old tax forms, bank statements, and expense receipts.
• Understand Your Obligations. Whether you hired employees for the first time or used independent contractors during the previous year, it’s important that you understand the tax reporting guidelines with which you are expected to comply. For example, as an employer, you must provide all of your employees with W-2 forms by January 31st of each year. These forms must also be filed with the Social Security Administration. Or, if you use independent contractors, you should maintain W-9 forms throughout the year.
• Don’t Wait Until the Last Minute. The key to making the state tax preparation process go as smoothly as possible is to let our team handle your small business’ taxes as soon as possible. Once you have your tax documents organized, we encourage you to schedule an appointment with us, so we can discuss your business’ tax requirements and how the filing process will unfold.