Tax time can be a very stressful time especially if you are wondering how to file business taxes. There are a lot of things you need to keep in mind when you file taxes. The first thing you will need to do when filing business taxes is to collect your records. Collecting your records shouldn’t be too hard if you have been keeping up with it all year, if not it might take some time. Make sure you fill out any forms after you collect your forms. That way, the information is correct. After you collect your records, organize your records so that you can keep track of all of your transactions during the year.
What Needs Collected to File Business Taxes
You will also need to collect everything related to any earnings and expenses. For earnings this will include invoices that you sent to clients, records of anything you sold to clients, and sales records that show money coming into your business. You will also need to record expenses. This will include any rent receipts, supplies, salaries, and mileage records. Keeping track of all your earnings and expenses will make it a lot easier when it is time to fill out your tax forms.
Use the Correct Forms
After all of your records are collected and organized you will need to find the right form. No matter what you need to report your earnings to the IRS and pay taxes on them. Choosing the right form to report your earnings depends on your company. Depending on your company you will either fill out a Schedule C form or a Form 1120 or 1120-S. Make sure when you fill out your forms, you pay attention to deadlines so that you don’t miss anything and everything gets done on time.
How Harvest Tax & Accounting Can Help
Tax Day may come just once a year, but we work with our clients year-round to ensure they’re staying compliant and up-to-date on their estimated taxes. We want our clients to be as prepared and informed as possible about their tax liability and how they can minimize their tax burden. With Harvest Tax & Accounting, you can expect proactive guidance explained to you in a language you can understand. We handle tax returns for corporations, partnerships, non profits, federal, state and local taxes. We are here for all your tax needs. Contact us today to get started.