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!
The Pathways Team