It’s time to file your business taxes, and you’re not even sure where to begin. Fortunately, there are plenty of resources available to help you figure out which records and information to gather, understand tax guidelines for your business, and complete your filings on time—you just have to know where to find them.
Jumpstart your tax preparation process by taking advantage of some of these valuable resources.
1. Tax organizers. Before you begin doing your taxes, you have to gather all the needed information. A tax organizer or worksheet can make that easier. A number of accounting firms offer such forms to their clients, or you can download them for free from various websites. For instance, Anderson Advisors offers a number of downloadable tax organizers for each type of business entity.
2. Tax calculators. Several websites offer automatic tax calculator apps to help you determine how much you’ll owe Uncle Sam. Bankrate, for example, has a whole slew of online calculators available. While several of these are for personal taxes rather than business taxes, they can still be useful if you file as a self-employed individual or if your business is a single-member LLC, meaning your business taxes appear on your personal return.
3. Software options. You’re probably familiar with the flood of inexpensive, easy-to-use personal income tax software that starts being marketed this time of year. But did you know that many of the same simple programs offer business tax options as well? Consider the small business applications available from TaxAct, TurboTax, and H&R Block.
4. Government resources. The IRS offers a wealth of information and resources for filing small business taxes. On the website, you can find small business tax forms, instructions for taking allowable deductions such as the home office deduction, and an array of additional information and resources in the IRS Small Business Tax Center.
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IMPORTANT INFORMATION: This is not investment, tax, or legal advice. Should you have questions, please consult your own attorney, tax accountant, or other appropriate expert having expertise in the area of your question or before making important decisions in these areas.