Getting Prepped For Your Small Business Taxes

1
Getting Prepped For Your Small Business Taxes

• If youve recently set up a small business,
  youll need to start preparing for your taxes
  right away. Its imperative that you have a well
  organised bookkeeping system right from the get
  go, so that you can begin keeping accurate
  records and receipts for all deductions.

2

• Not only does this help you to stay organised,
  but it will see you getting the maximum tax
  breaks that youre entitled to, and will help you
  to prevent making costly mistakes that could see
  you incurring fines and penalties.
• If you are new to the business world and find the
  thought of getting prepared for taxes a little
  daunting, you could consider hiring an accountant
  or bookkeeper. They will help you to get set up
  efficiently, and will take care of as many
  aspects of tax preparation as you require.

3

• They will be able to advise you on how frequently
  youll need to file your taxes, such as
  quarterly, semi-annually or yearly, and they will
  also keep you updated with any changes to tax
  laws.
• Even if youre planning to complete your own tax
  returns, it can still be beneficial to talk to a
  qualified accountant or bookkeeper when you first
  set up your small business, just to help you
  organise things and set off on the right foot.
  Ask around with other small businesses in your
  locality to see if they can recommend a firm or
  individual.

4

• Where to begin
• Requesting an Employer Identification Number from
  the IRS is one of the first things to do when you
  set up your small business, it will help you to
  keep detailed tax records complete the SS-4 form
  and file it with the IRS. Over the course of
  setting up your small business, youll need to
  file several different forms, and these will vary
  depending on the size, structure and nature of
  your company. Consulting a CPA or bookkeeper will
  ensure that you always file the correct forms.

5

• The next step
• Depending on the structure of your small
  business, youll need to file the appropriate
  form with the IRS to ensure that your taxes get
  processed accurately and on time. Many businesses
  will file their projected income figures as each
  year passes, then they will make the necessary
  adjustments in the following fiscal year.

6

• Keeping a tax diary
• Adding sales and receipts to a diary is a great
  way of keeping on top of money coming in and
  going out. It will give you an accurate reference
  for receipt dates, amounts, payees, check
  numbers, employee accounts and all manner of
  other small details that could prove crucial at
  tax time. Try to keep the diary updated on a
  weekly, or at least monthly, basis.

7

• Note down all important tax dates
• There are often several important deadlines to be
  met when you start a small business and begin
  setting up your taxes, and missing these can
  result in costly penalties. Keeping a calendar of
  all dates upon which you need to file certain
  forms and paperwork, will help you to keep on top
  of deadlines and avoid incurring fines. If you
  have hired a CPA or bookkeeper, they will have
  given you certain deadlines to meet, too.

8

• Properly record all incomes
• Calculating your predicted income taxes is made
  so much easier if youve kept a detailed and
  accurate record of any monies that have come in
  to you over time.
• Properly record all outgoings
• Keeping track of all your expenses is equally as
  important, especially if you want to give your
  business the best chance of qualifying for tax
  breaks and deductions at tax time.

9

• These are the basic points to consider and take
  action upon when setting up your small business
  a CPA or bookkeeper will help fill in any gaps
  and give you further advice and guidance.

10

• At Heyer Associates, we proactively assist our
  individual and small business clients in meeting
  their goals. Our key area of focus is ensuring
  that our clients remain compliant with federal
  and state tax laws by providing them with high
  quality accounting and tax preparation service in
  Coral Gables. If you are looking for bookkeeping
  services in Miami, Heyer Associates would be a
  right option.