Small Business Tax Preparation
Trusted and Experience CPA in The Woodlands
For small businesses, an organized bookkeeping system is a must-have if you want to ensure accurate record keeping and receipts for all deductions. If done correctly, you will have what you need to obtain the best tax breaks. Getting prepared, staying organized, and keeping track of all the right information are all vital steps to ensuring you avoid costly and avoidable mistakes.
Consider consulting a certified public accountant (CPA) is a great first step to getting organized. He or she can help you set up a paper or software accounting system as soon as you decide to start your business, which will help keep your records up to date. A knowledgeable CPA will also be able to tell you about any changes in tax law and inform you if you are required to file quarterly, semi-annual or annual tax returns.
Even if you plan to eventually do the taxes for the business on your own, a CPA can still get you on the right track, setting the foundation that will help you stay organized in the long run.
Other steps you can take to stay organized include:
- File IRS form SS-4: Much like the W-2 form you give employees, but for the business itself
- File an expected taxable income form: Process your taxes in a timely manner
- Find the correct forms according to your business structure: A CPA will be especially helpful in getting things started here
- Start a tax diary: Keep track of receipt dates, amounts, payees, check numbers and employee accounts
- Collect a W-4 from each employee: A W-4 should be filled out by every employee upon hiring
- Create separate worksheets for every type of information: This is an efficient way to be able to quickly reference sales against expenses, so you can calculate deductions
Starting a small business is an exciting step and you want to make sure you set a solid foundation for it. Staying organized is crucial, but hiring a CPA can help ensure you do not make any missteps during this critically important time.
Tax Planning & Preparation
At Dossey & Jones, PLLC, our trusted CPAs and personable lawyers have handled numerous cases since 1972. Our team will go through every financial detail to prepare an optimum tax return so you are able to receive the highest possible refund.