Owning a business can be difficult, but nothing makes it more difficult than tax season. While everyone is jumping for joy that this year's tax season is behind us, there is still a lot of helpful information to keep in mind for next year!
We will be discussing a few tips small businesses can implement in order to make the next tax season the easiest one yet!
Never throw away a receipt. The receipt you throw away might have been your ticket to a deduction or your only piece of evidence for a business purchase you need.
Employment tax records should be kept within a business filing system for at least four years.
If by chance you omitted income from your return, keep records of that omission for at least six years after.
To make the process easier, there is a way to go paperless. Quickbooks is an easy way to store business tax documentation and employment information. Learn more today by reading our other blogs on this topic.
Pathways Consulting wants to make your tax season as easy as possible every year. If you have questions, contact us today!
Before we begin this blog, we want to say just how much we have appreciated everyone's business these past few months. The rush of tax season was felt by not only us but all of you as well. We wanted to say a quick thank you for choosing our business to help with your taxes. Thank you.
Now that this tax season is behind us, we figured it would be a great idea to discuss how to keep your business' information organized to make next year's tax season easy and stress-free.
Organize That Data
We know we always say it, but we really mean it when we say that organization is key when it comes to making tax season bearable. Luckily the technology age we live in has created a wonderful and easy way to store your business' tax information digitally through QuickBooks. We have discussed this wonderful service before in past blogs, and encourage you to read through those if you have yet heard about this great tax tool.
Know Your Tax Rate
Depending on how you have registered your business with the government determines what forms you will use to file when the time comes. This will also affect the tax rate of your business, so keep that is mind as well.
Although these two factors may seem easy enough, they are very important with keeping ahead of the tax game. As always, our professionals here at Pathways Consulting are willing to help and answer questions you may have regarding taxes for your small business!
Do you wonder if starting a business is the right career path for you? When making this decision, there are many aspects that need considering. Such as;
This is a design for the successful operation of a business, identifying revenue sources, customer base, products, and details of financing.
Platforms create communities and markets with network effects that allow users to interact and transact.
A Business Plan can be a written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.
Strategies in marketing are normally a business's overall game plan for reaching people and turning them into customers of the product or service that the business provides.
These are inclusive of all the papers you need to complete your taxes when tax time comes along.
Your Personal Traits
Ranging from your personality, your ability to talk with others, and how you run your business!
It seems like quite a lot, but that is why SCORE is hosting a workshop for aspiring small business owners in Charleston, SC at the Main Library on Thursday, April 4th, 2019! Entry is free, and knowledge is priceless!
For more information and Directions, Click here to view the original post on the Journal Scene Website: https://www.journalscene.com/events/#!/details/Are-you-Ready-to-Start-a-Business-SCORE-Workshop/6246394/2019-04-04T18
Running a business can be a fun and amazing experience, but come April, it has the potential to turn into a headache. Don’t let that be you! Pathways Consulting is here to help you manage your small business taxes so you don’t have to do it alone!
When it comes to having a small business, it is best to keep record of everything! When keeping these records, and we can’t stress this enough, keep them organized! Organization is going to help when you need to get all those documents together and bring them to our office.
Each business’ taxes will differentiate based on how you have set your business up legally. Researching what this means for your business can make the process much smoother.
The types of business taxes are listed on the IRS website, where you can click and explore here: https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes
You don’t have to take taxes on alone! Come by Pathways Consulting today!
Running a small business can be stressful and time consuming. It can also be difficult to keep organized, especially records you will need for filing taxes.
The advantages of keeping great records of your small business are as follows:
Project Tax payments
Keeping records will assist you in estimating the payments you may end up paying come tax season. This can be used to pay tax on income, such as the ones listed on your tax return.
Preparing Tax Returns
Keeping tabs on the reports that state business income, expenses, and credits will assist you on your tax returns. These will also help create your financial statement.
Keeping Track of Deductible Expenses
Keep ahold of all receipts you received after making expenses that can be considered deductibles.
Prepare Financial Statements
You want to make sure you are preparing accurate financial statements. Be sure you are including income that was gained and lost on balance sheets.
Monitor your Business’ Progress
In order to show how well your business is doing over time, you will need to have kept great records of the progress your business has made so far. Be sure to include the changes that are being made.
Pathways Consulting wants to help make your small business shine! If you have questions about record keeping, taxes, or anything else, please contact us!
It’s tax time, everyone. If you own a small business you know what that means. It’s time to gather everything you’ve organized and take it to the experts at Pathways! While we love taking care of all your tax needs, we also love educating you on what’s going on with your taxes. For small businesses. The Tax Cuts and Jobs Act is upholding it’s promise to reform the way we handle taxes.
For small businesses specifically, this bill enacts a multitude of things like cutting the corporate tax rate, and strengthens 179 deductions. But what else does it do?
If your business is considered an S corporation, a sole proprietor, or partnership, your income tax will be lowered by 20% with the new reducing of pass-through taxes.
It gets rid of the AMT that used to be applied to businesses completely! (How exciting, right?).
This bill also reforms international taxation, making it to where the income is only taxed by the laws in the place they reside.
However, while this bill mostly has wonderful changes that are exciting, it also repeals the business entertainment deduction. Meaning, all those entertaining activities work provided with a 50% deduction no longer exist. At least they are still qualifying business related meals!
If you are a small business owner in the low country area, why not take your taxes to the experts here at Pathways Consulting? We will handle all your tax needs, so what are you waiting for?!
Small businesses are no exception to the IRS and tax season. Owning a small business can feel overwhelming and scary at times, especially during the intense months of tax season. As with most aspects regarding taxes, it gets a little complicated. There are six main types of business taxes you should know about.
This is the tax on wages, investments, and gains. Basically, any money you have received as an income over the year. For a business, you also have to consider the net income you have received. The type of business you have set up will determine the forms you must file.
These taxes are complicated can end in penalties and criminal prosecution if not filed correctly or on time. It is important to ensure you are filing these correctly, so maybe you should leave it to the experts here at Pathways.
If you gained more than $600 last year, you must pay this tax as a self-employees individual. You’ll have to pay the entire amount of taxes that would have been taken out of your paychecks through the year.
For businesses that sell goods, you’ll need to understand this tax. While this tax is mostly included in the price of goods, you still are responsible for documenting and sending these taxes to the IRS.
Make sure that you are keeping track of the sales tax on items you are selling through your business. Each state is different, and along with that comes the responsibility of knowing the difference.
As simply as it sounds, the property you own is taxed as well.
Keep your business organized so tax season doesn’t feel so scary. If you still have trouble, schedule an appointment with Pathways today and have your taxes completed by professionals.
Tax season doesn’t have to be scary, as long as you know what needs to be prepared beforehand! As a small business owner, tax season tends to be a stressful time, but our team at Pathways is hoping to change that!
When filing your federal income tax for your small business, you have different forms for different company set ups. If you run a sole proprietorship, your tax form will be different as compared to an LLC.
The first step to the tax process is to gather up all your records that report income and expenses. This is where Quickbooks comes in handy. It’ll have all your data stored and organized for easy recall during tax season!
Choosing the correct form for your business model sounds daunting, but it doesn’t have to be. Sole proprietorships allow owners to use a Schedule C attachment to their personal income tax return. If under an LLC, they can use this attachment but also must use Form 1120.
The only steps left are to fill out your forms appropriately and to get it done before the deadline. Pathways can help with both of these steps as long as you schedule an appointment with one of our tax experts!
New Year, New Tax Season!
2019 is almost here, and that means so is tax season. While we usually take a moment to discuss taxes and your business, we want to change it up and say just how thankful we are of each and every one of you. As a local business, we are appreciative of every person who walks through our doors in need of tax preparation or understanding. We enjoy working with local business professionals who seek our services.
In the new year, we hope that you continue to look to Pathways as a company you can trust and call on. You can keep up to date on our company, local events, and other fun topics through our social media, so be sure to give us a follow!
Facebook: Pathways Consulting, LLC
LinkedIn: Nanette Slappey West
Thank you, and Happy New Year from all of us at Pathways!
Why Use A Professional Tax Service For Your Business?
When it comes to filing taxes for your business, you don’t want to end up with mistakes and money lost. To ensure a proper filing process, using a professional tax service is recommended. At Pathways, instead of just filing your taxes for you, we try our best to help you understand your taxes thoroughly. So, how do you file taxes for a small business, and why is it important to use a professional?
Keep All Records
Record keeping is the most important step in the tax filing process for businesses. If there is no record, it never happened, and therefore makes it much more difficult to get correct information. In the process of keeping data, we suggest using a bookkeeping service like Quickbooks to store information used within the filing process.
Use The Correct Form
It is important to know the differences between the tax forms and which is appropriate for a business. The form most used for small businesses is a Schedule C or Form 1120. Schedule C is a simple form that is easier to calculate and input information.
Deadlines are Real
To make the filing process the easiest, be aware of the filing deadline for taxes on small businesses. We are very serious when it comes to this because of the repercussions that may occur due to late filing.
Pathways is here to help your business breeze through tax season, so why not make your appointment today?
The Pathways Team