4 Things for Businesses to Remember this Tax Season

Tally Services in Fort Collins, CO Helps Business Prepare for Tax SeasonPunxsutawney Phil may have recently seen his shadow, signalling 6 more weeks of winter, but like it or not tax season is still on the horizon and it’s time to start preparing. Business taxes can be complicated and very stressful, but with adequate preparation and planning, they don’t have to be.

Tally Services, a bookkeeping and accounting firm in Fort Collins, has noticed over the years that these four tax components cause the most confusion and stress for business owners. This year, take this list into consideration as you start planning for your taxes:

Reconciling Accounts

Chances are, you’re amazing at whatever it was that got you into owning or managing your business; but the financial side of the business including reporting and reconciling accounts might not be your strong suit. As tax season rolls around, it’s key to make sure your accounts and reports are in top shape for your CPA to complete your tax returns with.  

Mind Deductions

Don’t forget, there are many expenses that small businesses can deduct from their taxable income. Things such as travel, commission, insurance, and repairs can all be claimed in your taxes; the tricky part is organizing the receipts and invoices to include in your filings. As tax season barrels toward us, spend some time preparing the documentation of your small business deductions, it will pay off in the end.

Payroll Taxes

Employment taxes are one of the more complicated tax things small and mid-sized businesses face. Your employees count on you to deduct the correct amount and file the tax forms properly. While it should be done all year long, now is a good time to double check as everyone begins to file their taxes.

Sales Taxes

If your business sells anything, you likely file your sales tax reports with the government regularly but there are still important implications of sales taxes on your yearly filing. As you prepare for tax season, find and organize your quarterly sales tax filings; they will come in handy for your CPA as they file your returns.  

Taxes have a bad reputation but with help and planning, you can get back to what really matters, running your business. If your small or mid-size business needs help preparing for tax season, give us a call. We’ll meet you right where you’re at and we’ll make tax prep one less thing to worry about.