MATT DIAZ
For a lot of small business owners out there these two words might be the most dreaded: tax season. However, fear not! Here are some things all small businesses should keep in mind to make things a little easier during this hectic time of year.
Preparation
Make sure you come prepared for meetings with your tax professional. A big factor in having a successful, hassle free return comes from the records you keep with your small business. A best practice for your tax related items is to keep everything organized for a minimum of seven years. Some things to be on the lookout for are expense receipts and vehicle mileage logs. Not only can good record keeping make the tax process smoother, it can also equal more money back for your business in the form of deductions.
Service Fees
Before getting your taxes taken care of, it is a good idea to carefully read any contracts and understand all of the service fees associated with tax preparation. We strongly recommend avoiding tax preparers who base their fees on a percentage of your refund as opposed to a flat fee. Further, it?s generally unwise to get your refund deposited into a preparer?s bank account. It?s your money; it should go straight to you.
Technology
It is 2013, everything is digital these days. There is no real reason to file your taxes by hand anymore. Doing so can lead to some major mistakes due to human error. According to the IRS website, ?Any paid preparer who prepares and files more than 10 returns for clients must file the returns electronically, unless the client opts to file a paper return.? Electronic filing has been around since 1990 and over one billion individual tax returns have been filed successfully.
Expertise
Finding someone you can trust with your taxes can be a daunting process. Whether it?s your neighbor who has been doing your taxes for 13 years or a local franchise such as?H&R Block or Smart Tax, finding the right person is important. It is crucial to do your research. Just like with your business, if it doesn?t feel right it probably isn?t.
Education
Use the time you spend with your tax preparer to ask questions. If you?ve done your research and found someone you trust, than you should have no problem learning about your taxes. They are supposed to be the expert, so if they can?t answer your questions, that should be a red flag.
For more tax resources we recommend visiting the IRS Small Business Website.
Source: http://www.1851project.com/small-business-taxes-five-things-to-keep-in-mind/
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