5 Great Services to Help You Finish Your Business Taxes
Sunday, March 8, 2020, 6:00 AM | Leave Comment
No matter who you are, where you are from, and what you are doing, you cannot escape taxes.
If you own a business, the tax filing process is a little bit more complicated.
In general, business taxes can be broken down into federal, state, and local taxes.
The most substantial part of your income tax burden goes to the IRS, which is the federal aspect.
For sales and local taxes, these will vary depending on the state and municipality where your business address is located.
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Consult Your State and Local Tax Agencies
To help you finish your business taxes, you must know what all the requirements are to ensure that you are filing the correct fees. Every kind of business, whether sole proprietorship, partnership, LLC, cooperative, or a corporation, have their own specific guidelines which you must comply with.
The last thing you want is to make a grave error and be slapped with tax evasion or tax misrepresentation charges. Each state and local government has different requirements. It is vital to speak to your tax agencies, so they can give you all the necessary forms, payment schedules, filing deadlines, and additional information that you may want to know.
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Seek the Help of a Sales Tax Expert
There is no federal sales tax, but 45 of the 50 states in the United States have a sales tax requirement that is unique to their location. If you are selling goods and providing services, you may be responsible for the calculation and collection of your sales tax. You must also report this to the authorized agency.
If you are unsure about what your state’s sales tax system is all about, it would be prudent to consult a sales tax consultant to help guide you. Hiring a professional ensures that you are on the right track, so you don’t commit any mistakes and avoid stiff penalties.
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Obtain the Help of a Certified Public Accountant
As a business, you cannot afford any mistakes. You need the help of a CPA or certified public accountant to help prepare your income tax returns. This professional will help keep you balance your books, taking note of all your assets and liabilities to ensure that your financial records are in tip-top condition.
They help you audit your business’ performance, like your credits and deductibles, in order to help you keep it running efficiently. Most of all, they painstakingly work on assuring that your taxes are accurate and paid for properly without any delays. Since they sign your income tax forms, they have a burden of responsibility and liability should there be any errors.
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Get the Assistance of a Bookkeeper
Apart from an accountant, you need the services of a qualified bookkeeper who will gather all your documentation. Businesses need to keep track of a lot of things throughout the business calendar. This includes your gross receipts, employee wages documentation, insurance premiums, returns and allowances, checking/ savings account interests, professional fees, supplier payments, rent receipts, travel expenses, advertising costs, and more.
For an accurate income and expense statement, you must have all the necessary receipts and documents. Your bookkeeper can help you file all of these in a ledger or through management software.
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Secure Help from Free or Inexpensive Legal Clinics
If you have questions and you are strapped for cash, you can seek help from a low-income taxpayer clinic. Nonprofit organizations and academic institutions offer these for those who are struggling with their taxes.
If you have issues that need negotiation to reduce the amount you owe for your business, it is worth getting in touch with an eligible clinic in your area for assistance. You may need to wait a bit to get an appointment, but getting their invaluable advice is crucial for you to finish filing your business taxes.
Final Word
As a business owner, you already have a lot going on in your mind, from keeping your daily operations efficient to expanding your product offerings. If you want to free up your mind and time for the more critical aspects of growing your business, be aware that you don’t have to file business taxes by yourself.
You can hire an accountant, use software, seek help from your local agencies, or go to low costs tax preparers. The most important thing you have to do is to file and pay your business tax on time so you won’t lose money by paying hefty penalties.
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