Taxes are intimidating. Every year business owners fill out these online forms, submit them to the government, and just hope and pray they turn out right. Even more scary is watching the mail dreading the possibility that their business was selected for a surprise audit this year. As a business, owners must file taxes according to their business structure and keep track all year of every penny spent. Preparing your business for tax season is one of the things we love doing.
Isn’t keeping track of the books all year enough? Do businesses really need to keep that shoebox of receipts for every penny spent? When the form says, “eligible deduction,” what expenses are eligible? How do eligible deductions actually get businesses money back? At Cyron and Company, we have been helping businesses file their taxes for over 20 years and have seen a little bit of everything when it comes to answering these questions.
The good news is, we can help business owners understand each line of their tax forms, what it means, what is considered an eligible expense, how to categorize them, and how to best prepare the business for taxes each year.
If a business is just getting started, first things first, what should business owners be looking for when preparing to file their taxes?
Preparing Your Business for Tax Season
The easiest way to be best prepared for filing taxes is to keep well-organized books throughout the year. If business owners are tracking all their income and expenses, categorizing each transaction throughout the year, when it’s time to file taxes, owners should have all the information they need ready to go.
To be most efficient in keeping track of a business’ books throughout the year, we recommend using an accounting software that is both user-friendly and keeps all the necessary details easily accessible. We recommend using QuickBooks Online. This is the software that we use at Cyron and Company to help our clients manage their books and make filing taxes easy. In our office we have three QuickBooks Certified ProAdvisors and one QuickBooks Certified Advanced ProAdvisor to help our clients with any questions they may have about anything from how to use the software, best practices using the software, and growing their business. We prioritize having experts in our software available so we can help our business owners spend more time building their business and less time worrying about tax season.
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