Last-Minute Tax Prep Tips for Small Businesses

In case you haven’t heard - 2017 business taxes are due soon, unless you plan on filing for an extension. We hear from small business owners frequently that tax time is the most stressful part of owning a business. If you’re stressing out about completing your business taxes on time, use these last-minute tax prep tips for small businesses:

1. Get organized: One of the biggest things we run into is business accounting that’s disorganized and documents are all over the place. Get organized and stay organized! It will make this year’s taxes easier, as well as next year's. Use these tips to help get you there.
   

2. Deductions: Deductions are a great way for small businesses to manage tax liabilities. Learn more about which tax deductions your business may qualify for and which to avoid.
   

3. Avoid an Audit: Completing your taxes in an orderly and truthful manner will help you avoid an audit. Heed these tips from the accounting experts at Tally Services to help your business steer clear of an audit.
   

4. Health Insurance: If you offer your employees health insurance, you may be eligible for a tax credit designed for small businesses. Learn more about the Small Business Health Care Tax Credit.
   

5. Take Travel Deductions: The IRS allows you to deduct mileage, travel, and auto expenses for business reasons. Many businesses forget to account for this, but if you travel frequently, it can amount to a decent deduction. Mileage and travel does not cover driving to and from work.
   

6. File an Extension: If you have to, file an extension to ensure your taxes are done right. You can file online and apply for a 5 or 6 month extension to give you through September to finish your taxes.

7. It’s not too late to ask for help! If you’re feeling overwhelmed or have resorted to locking yourself in the office for a long weekend of tax preparation, contact Tally Services! We’ll help you get your tax documents in complete order, ready for corporate tax filings. We’ll reduce your stress and get you back to running your business.

Tally Services is here to make your business tax prep a breeze. Contact us today for help getting your paperwork and documentation in order to file your business taxes. We meet you where you are and provide practical solutions to help your business get through tax season. Contact us to learn more about our tax preparation experts and our services.