It is the time of year when all smart business owners start getting ready to file their taxes. In this episode Craig and I cover some important to-dos in order to be prepared with your taxes and to make sure you file and pay on time.
What To Expect From Episode 95
Filing your taxes can feel like a daunting task, but if you stay on top of things and start early, it isn’t too bad. The most important thing you can do is keep good records all year long. Doing so is so important and for more reasons than just being ready for taxes. Here are some of the topics we cover in this episode:
- When do you have to file your tax return? It depends on the type of entity you are. You can learn more on the IRS website by clicking here.
- Make sure you don’t mail out your 1099s and W-2s late.
- What do you need to provide your accountant? (This is not an all-inclusive list, it will get you started, but get with your accountant.)
- Income and expenses (A good Profit and Loss Statement is best)
- Balance Sheet
- Purchase or sale of any assets
- Significant changes to the business
- Extensions and how they work
- Quarterly tax estimates, how do they work, and some generalities for who has to pay them. You can learn more about them, including when they are due from the IRS’s Website by clicking here.
Start working on your taxes early. You should shoot for having everything to your tax person a month before they are due.