As a small business, navigating the confusing world of taxes is no easy feat. And once it seems like you finally start to Woman at computer and holding a piece of paperunderstand, changes and updates are put in place and you find yourself back at square one. To help, here's a basic guide of information you need to know when starting to fill out and file your small business tax return.

Gather all of your records

Before you and your CPA can even think about starting to complete your taxes, you'll need to make sure you have all the proper paperwork. This can change depending on the type of business you have, but every business will need to make sure they have the following:

  • Employee Personal Information
  • Last Year's Tax Returns
  • Employer Identification Number (you can find yours on the IRS website)

Some other important records to have on hand could be invoices sent to clients, rent receipts, employee salaries, and a list of products sold to clients.

Find the right form for your business structure

There's no better feeling than finally finishing your taxes. And there's no worse feeling than finishing and realizing you've filled out the incorrect form. Depending on the type of small business you have, these forms vary but you can find the correct ones on the IRS website.

Know when to file

Before owning a business, filing your taxes was a once a year event. But now as a small business owner, you'll have to pay quarterly. That's four different deadlines you'll have to keep track of and four times you'll be paying the IRS.

To make things even a bit more confusing, businesses must deposit federal income tax withheld from employees, federal unemployment taxes, and both employer and employee social security and Medicare taxes. These deposits can be semi-weekly or monthly.

Still not sure you're filing everything necessary? Let the experts at Future Systems help! It's our job to keep track of all the tax law changes so you don't have to. With our professional tax pay & file services, you can breathe easy knowing that all your required tax forms will be filed properly and any payments will be tracked and taken care of. Don't be hit by fees or fines because you aren't aware of law changes or miss a deadline. Contact us today!

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