When tax season rolls around, life can become hectic. To make the process a little smoother, here are some things you can do to prepare as a small business owner. If you need assistance with your tax preparation for the 2023 tax season, please get in touch with our professionals at ORT Consulting. We can assist with any of the following tax preparation items.
If all of your tax docs are strewn around your home or office, it’s time to whip things into shape. Organize your papers and have them neat and ready to go to make the tax filing process easier. Keep similar documents together and consider separating docs into different folders to avoid losing anything.
Tax deductions can be your friend or your enemy when filing your return. While it can be tempting to deduct as much as possible, you must ensure you are qualified for a deduction to avoid any issues during filing. Start doing your homework on tax deductions for small businesses and keep a list of those you may qualify for. ORT Consultants are here to help you find as many legitimate deductions as possible this upcoming tax season.
Know the Law
Tax laws change every year. However, those particular details may not always known by business owners. ORT Consultants stays up to date on all tax law revisions. We can assist you in navigating the specific revisions that apply to your state or federal return.
Don’t Forget About Payroll
Payroll taxes are part of the process and have to be calculated and filed correctly. While you may owe money after adding in payroll taxes, you may qualify for an IRS installment plan so keep those in mind.
When in Doubt Request an Extension
If you have any doubts about filing and think you might miss the tax filing due dates, you should request an extension. The IRS will give extensions if they are requested in time, buying you 6 more months to get things in order.
Taxes are part of being a business owner. Use these tips to take control of your taxes and have them ready to file long before tax season comes along. ORT Consultants can assist in your tax preparation and tax filing process. Please contact our office at (773) 637-8802 to speak with one of our professionals.