A Tax Checklist For Small Businesses

Author: C.A.C Financial Services | | Categories: Financial Services , Payroll Services , Personal Budgeting Assistance , Tax Preparation Services

Blog by C.A.C Financial Services

At C.A.C Financial Services, we understand that paying and filing your taxes as a small business can be quite a challenge. The entire tax season can be viewed as a stressful or laborious time for new small business owners, but with a little preparation, you can handle your taxes quickly and easily.

As experts in accounting, bookkeeping, and tax preparation services, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our tax checklist for small businesses so that your taxes are accurately filed on time, and you can get back to the other important things in life.

File the correct tax form according to your business structure
Before registering your business, you will need to choose a business structure. And while you may choose to convert your business structure in the future, there may be certain restrictions based on your location. This could result in tax consequences and other unintended dissolution, among other complications. Seek assistance from a tax professional to ensure you file the correct tax forms and payments.  

Provide general information from your legal name to address
You need to take a look at a copy of the business tax forms you will file to see what you are expected to fill in and what information you will need to provide. This could include the nature of your business, how many years you have been in this business, your business location, your legal business name, etc. 

Keep your expense receipts handy
Keeping proper expense receipts organized can help you monitor your business’s progress, prepare you for financial statements, and help you identify your actual deductions. Keeping it in an orderly manner saves you the trouble of digging through piles of messy documents and receipts. Maintaining a clean and simple record is not only enjoyable for your auditors but also for your business. 

Prepare all your reporting and bookkeeping documents
Reporting and bookkeeping documents contain all the accounts for recording transactions related to your business’s assets, liabilities, owners’ equity, revenue, expenses, etc. Maintaining and keeping it ready for tax season is very important as you have all the legal information you have maintained throughout the business year in an accessible place. Many small business owners get slapped with fines and penalties because they do not fully understand what they are required to file. You can avoid that by doing your research in advance and being well and truly prepared for tax season. 

Understand your tax filing deadline
Sometimes people completely forget to file their taxes before the deadline, while others are simply overwhelmed and run out of time. You must file your taxes before the deadline to avoid penalties and additional debt. On-time payments help you avoid flossing future refunds. So, if you can’t pay what you owe, doing nothing could be the worst thing for your business. You should still pay your taxes and file your tax returns before your deadline.

If you have any concerns about filing your taxes or you’re looking for an accounting firm to help simplify the process, reach out to C.A.C Financial Services, a tax professional in Las Vegas, NV. I’m always helping individuals, entrepreneurs, and small business owners, get the most out of their hard-earned money. I take pride in educating taxpayers to be aware, to stay informed, and to take action about their finances. I look forward to working with you.

To learn more about the services I offer, please click here. Have a question? I would love to hear from you. Contact me here.