How to prepare small business Tax?

1. How to prepare Small Business Tax? - An Easy Guide for Individuals, CPA’s & Small Business “The Balance Sheet Inc.”

2. Tax Preparation  Tax preparation involves preparing tax returns, income tax returns, preparing and filing forms, strategic tax planning for you and your business, and audit assistance.  Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.  Tax preparation through online offers you a safe & easy way of filing taxes.  Online tax preparation :  Save money & time.

3. Take a look at Short details  Getting Organized  Keeping Right Records  Do Your Taxes  Software support to prepare TAX  Is it a good idea to prepare your own TAX?  Issues arise on Tax Preparation  Simple & Safe steps to prepare your TAX

4. Getting Organized Consult an accountant  A certified public accountant (CPA) can help you prepare paper or software accounting system as you wish to start your business, help you keep your records up to date.  Gather ideas to get your business organized and maintain to save in the long run. IRS Filing form SS-4  Keep detailed business tax records with Employer Identification Number(EIN)

5. File an Expected Taxable Income form  File projected business income figures : a) business as a sole proprietorship, fill form 1040-ES. b) business as a corporation, fill form 1120-W. Identify right forms for your business  Depends on nature or structure of your business.  Better navigate to the IRS web page for small businesses. Start a tax diary Keep track of receipt dates, amounts, payees, check numbers & employee accounts.

6. Gather W-4 from each employee  Apply for an Employment Identification Number (EIN), or tax number. Create a separate worksheet for each information  Easy and quick access on each financial or sales records. Keep a calendar of important tax dates  Set reminders for meetings (yearly or monthly).

7. Keeping Right Records Keep records of income  Gross receipts for sales and sales records  Investment interest  Inventory  Items removed for personal use  Bank and savings account balance  Returns and allowances Track employee payroll & contributions  Includes all legal fees and business insurance

8. Track all your expenses  Expenses include transportation & travel expenses(mileage, airfare, hotels, meals, etc.) and office expenses(rent, business vehicles, office supplies, repairs & maintenance, etc. ) Track personal salary  Depends on monthly/yearly achievements.

9. Do your Business Taxes (IRS Filing) Send your employees' tax information  Gather your tax records before taxes getting on due date.  Send W-2s or 1099s to your employees and contractors. Decide how you'll manage your taxes  Automated tax preparation services or E-f iling using software(QuickBooks, ProSeries Tax, Ultra-Tax, Turbo Tax, ATX, Lacerte S/w).

10. Deduct all necessary expenses  Make an audit for each records.  Keep receipts for all expenditure.  Tax filing status & Tax deductions.  Report for deductible expenses. Archive all tax records for 5 to 7 years  Good to audit all records for the safety of your business.  Best method is to maintain records within software for safety.

11. Software support to prepare TAX For USA For Canada QuickBooks ProSeries Tax Ultra-Tax Turbo Tax ATX Cantax Taxnic TaxPrep Quicken Ufile For Australia For UK Thomas Reuters CCH ProSystem H&iSoft MYOB TaxCat CCH Software Iris Software Ltd. Sage Ltd. Thomas Reuter

12. Is it a good idea to prepare your own TAX?  Track your income transaction, Expenditure of Current Tax year.  Helps to save extra efforts & can easily take control of finances.  Transferred to tax s/w.  Joint tax filing.  Tax Returns on small & medium businesses.

13. Issues arises on Tax Preparation  Confusions over Tax Categories  Trade or Business Expenses  Penalty for Underpayment of Tax  Unorganized financial statements  Day-to-Day Payroll Errors  Federal Tax Policies  Summons Enforcement  Charitable Deductions

14. Simple & Safe steps to prepare TAX Best Tax Return Preparation Hire a Certified Public Accountant (CPA Professional)  Responsible to gather in-depth knowledge of business expenditures, payable & investments  Actual Returns without Penalty.

15. If you choose right CPA?  Limited Staffing Issues  Cost & Time Save  Increased Efficiency  Using Hi-Tech Infrastructures  Focus on Core  Activities  Quality Assurance  Expert & Skilled Solutions  No need to purchase s/w  Minimized Errors  Minimized Confusions  Customer Satisfactions  Less complex in tax preparation  Fulfilled Deadlines

16. Get Connect With Us The Balance Sheet, Inc “Accountants In West Palm Beach, FL” 5725 Corporate Way, Suite 205 West Palm Beach, FL 33407 Phone: (561) 501-3080 Fax: (855) 460-1629 Visit our Website : www.taxaccountingbookkeeping.com

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