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!
The Pathways Team