For many people, filing yearly taxes is a confusing process. When it comes to small businesses, though, the process can be even more complicated. Running a business takes a lot of work, and you might not have the time to research all the tax deductions you can claim for your enterprise or learn all the small business tax regulations.
The Accurate Tax & Bookkeeping Services team, which includes some of the best tax accountants in Brandon, FL, offers business tax services and bookkeeping services for small business ventures. Here, they discuss some of their top tips for easier, more organized business tax filings.
5 Tax Service Tips for Small Businesses
The better you organize your business, the easier it is to have the necessary information when it’s time to file your taxes. Keeping track of all your expenses, payroll, and other documentation throughout the year will ensure that your tax return is accurate. It will also reduce the likelihood of an IRS audit.
You can improve your small business’s organization by:
- Opening a savings account strictly for paying taxes
- Creating detailed notes about your expenses immediately after they occur so that you don’t forget
- Collecting and filing receipts, invoices, and expense statements
- Keeping track of all income
Separate Personal and Business Accounts
You might think it would be better to keep personal and business records together, but this can lead to serious problems. Personal expenses mixed with company expenses can raise a red flag with the IRS, possibly resulting in an audit or higher tax liability.
It’s always best to separate your personal and business accounts. Don’t use the same bank account or credit cards for your personal and professional use. Separate records for business and personal services are also ideal for minimizing confusion during tax season.
Keep Digital Records
Paper records are fine, but they can take up a lot of room in your office. It also takes a fair amount of time to find different hardcopy documents, even with an organized filing system. Digital statements provide an easier way to file and store vital information, such as finances, while keeping everything up to date.
By keeping digital records, you could easily link your financial statements to a tax preparation service and eliminate the need to spend time searching for documents.
Hire a Bookkeeper
If you don’t have time to reconcile your business’s books and prepare for the upcoming tax season, a bookkeeper can help. Bookkeeping services for small business enterprises track daily financial transactions. Their detailed reports can be vital to quick and accurate business tax filing.
Hire an Accountant
Acquiring professional small business accounting services will benefit your business. Not only can accountants provide tax service for small businesses, but they can also keep track of your annual spending, income, and financial statements. They can even observe your gross and net profits and offer valuable financial advice.
Turn to Accurate Tax & Bookkeeping Services
If you’re looking for bookkeepers for small businesses or need small business tax accounting services, there’s no need to Google “accountant in my area” or “CPA near me,” turn to Accurate Tax & Bookkeeping Services in Brandon, FL. Their team provides thorough, personalized attention to each client and have various areas of expertise, including tax preparation, bookkeeping, accounting, and IRS representation.
To learn more about this Brandon, FL, tax preparation service, or schedule a consultation, call (813) 655-9702 today.
Accurate Tax & Bookkeeping Services
710 Oakfield Dr.
Brandon, Florida 33511