Mind Your Business: Hot Tips on Filing Business Taxes This Year

Are you ready to file your business taxes? Rely on the help from an experienced tax professional to get the support you deserve.

Tax season, everyone’s favorite time of year. The entire process is stressful enough for individuals, but if you’re filing for a small business or even an entire corporation? It can be downright panic-inducing.

But never fear, tax help is here. Tax professionals across the country await your cry for assistance, ready to make your tax experience tolerable and relatively pain-free.

Here are three top tips for rocking tax season this year:

The Business of Taxes

If you own any kind of business that owes more than $1,000 in income taxes, you will be required to pay an approximate tax amount every three months. If you are considered the sole-proprietor or a single-member LLC, then you will need to provide paperwork in the form of Schedule C intake forms for all business expenses. These can include travel and meals, vehicles or any other necessary equipment, and the mention of whether or not you work from an official home office. If this is the case, you will need to adhere to specific IRS guidelines that will prove the legitimacy and profitable nature of your business.

If you are a self-employed business owner, there are additional tax forms you will need to fill out using Schedule SE.

If you happen to be filling out slightly more complicated corporate taxes, consider getting set up with a certified public accountant (CPA) or IRS tax attorney, who has additional licensing and expertise in this particular department.

Navigating Debt with a Tax Professional

Having problems with tax debt? Schedule a free consultation with tax debt advisors, though be aware that should you employ their assistance, there will be service fees involved. You can sleep soundly knowing that there are expert tax professionals who will negotiate your taxes so you don’t have to.

Be sure to check their credibility and track record first. Fraudsters will often try to reach out to you first or will charge you fees upfront.

Better on Time Than Late or Never

Just like personal taxes, business taxes are due on April 15. If you need to make any changes to your taxes after filing, you will need to fill out an amended return form. Also be aware that the consequences of not paying off any remaining tax debt can include up to 25% interest as a penalty, a seizing of your bank account, income, or property, and even jail time for the most extreme cases.

Taxes have the power to create enormous headaches, but keep in mind that a tax professional can ease that burden significantly. Perks of hiring the services of a tax consultant include having help with getting audited, saving some extra money, and generally stressing less by having someone else do the heavy lifting for you.