As a business owner, tax season can be intimidating – and if not managed properly, it can harm your company. The paperwork involved with filing taxes can feel overwhelming, but preparing for tax time doesn’t have to be a hassle. With the help of Edgewater CPA Group, you can rest assured that your business is tax-season-ready. Here is a simple guide to get you started.
1. Gather All Your Paperwork
The best way to make sure you have everything you need to prepare your tax return is to gather all of your paperwork. Make sure you have a copy of your business’s federal tax return from the previous year, as well as any state and local returns that were filed. You will also need to have copies of any Schedule K-1s, 1099s, and W-2s. If you have employees, you will need to have their social security numbers on hand.
2. Organize Your Tax Paperwork
Organizing your tax paperwork is an important task that can save you time and money come tax season. By having a designated file for each type of return, you can easily find the documents you need when it comes time to file. If you have employees, be sure to create a file for their social security numbers as well. This will help make the process go smoother when it’s time to file your return.
3. Review the Year’s Finances
The bookkeeping process for a business is important in order to keep track of income and expenses. This information is necessary for making sound business decisions and can also help you file your taxes correctly. If you notice any discrepancies between your records and your actual income or expenses, it is important to correct them as soon as possible. This will ensure that your financial information is accurate and up-to-date.
Don’t File Taxes Alone
Is your small business in Carmel, IN, looking for tax preparation for the upcoming season? If so, then don’t waste any time! Call Edgewater CPA Group at (317) 386-7021 today. Our team of experts is standing by to help you with tax prep, bookkeeping, payroll, and growth strategies for 2023.