As a business owner, you have a lot of things that you need to keep track of. Running a business is no easy feat and you want to make sure that you are providing your customers with the very best service that you are able. One part of running a business is making sure that you get your business tax returns in on time as well as all the paperwork that is associated with that tax return.
Many business owners find that it is difficult to handle all the stress that tax season brings while also keeping the business running. If you find that you are not able to keep your records in order or you need a bit of help during tax season, make sure to bring in the professionals right away. Our professionals at TH Tax Services are here to help you, whether you need some help with record keeping or want to make sure you are getting the most back possible this tax season.
Keep Good Records
The only way to ensure that you are going to be able to fill out your tax returns properly is to keep good records throughout the year. You need to keep records of everything including the cost to run your business, inventory, employee pay and benefits, how much you made and lost, what you spent money on, and even your health insurance information. All of this can be used on your tax return to save you money in credits and deductions, but if you don’t keep good records, it is hard to get the money back that you deserve.
If you don’t feel that you have the time necessary in order to do your own tax record keeping or you want to make sure that you are getting all the deductions and credits that your business needs during tax time, make sure to contact our professionals at TH Tax Services. We can help you out every step of the way, whether you just need some help with your tax return or you are looking for a reputable company that is able to keep good records throughout the year for you.
Send Out Employee Information
You must make sure that you send out all the W2’s and 1099s that your employees and freelancers need at the right time. This ensures that they are able to file their taxes properly in the upcoming year. If you have any employees in your business, send them the proper W2 form and make sure to send a copy of this to the Social Security Administration as well so that all the records can be taken care of. For freelancers and contract employees, you will need to fill out a 1099 for each one and then send a copy to the IRS. Do this as early as possible, but before February at the latest.
Have Health Insurance
Even as a business owner, you must make sure that you have the right kind of health insurance in line, and even consider having some for your employees. You will receive a penalty for not having the right insurance in place, and this can cost you a lot of money. If you are uncertain about which health insurance is right for you, take some time to go through the health plan marketplace to find one that will fit your needs.
Find Your Deductions
There are many deductions that you can enjoy when it comes to owning a business. Many business owners are too busy trying to keep things going that they don’t have the time to figure out whether a particular deduction matches with their needs. They will just put in the information and try for the deductions they did in the previous year before submitting. While this method may save you some time, it is going to cost you a lot of money in the long run. Finding all the right credits and deductions is one of the best ways to ensure you are getting more money back in your pocket. Let our professionals at TH Tax Services help you find all the deductions that you qualify for.
Submit Return on Time
Submitting your return, and all the required paperwork, on time is important to making sure the IRS does not add penalties and other fees to your tax bill. For the 2015 tax season, your tax return needs to be submitted by April 18 thanks to a holiday that closes down the IRS on April 15. This gives you a few extra days to take care of your tax return, but it is always best to get it taken care of as soon as possible rather than waiting until the last minute. When you are ready to see which deductions and credits apply to you and to get that tax return done, make sure to contact our professionals at TH Tax Services.
Running your own business takes a lot of time and is a huge accomplishment. You have a lot on your plate just running the business from day to day. When tax season comes around, don’t feel like you have to abandon your business just to get the work done. Contact Tanya Hernandez with TH Tax Services in Panorama City, CA to get started on your business tax return today. Our professionals can take care of the hard work, finding you all the deductions and credits you deserve while you work hard on serving your customers. Contact us today to get started!
