There are a few things a small business owner must do to succeed when it comes to filing taxes. If you are a first-time filer or even a filer of 10+ years, you may feel overwhelmed; however, here are some helpful steps, and with the guidance of a professional bookkeeper, you are guaranteed to feel different.
Step 1: Make a record of your business accounts. Any bank account or credit card must be accounted for.
Step 2: Categorize all transactions in and out of each account. These transactions should be filed according to the month in which they occurred. This is the step where a bookkeeper is the most valuable. A bookkeeper can analyze accounts to ensure a company is not penalized for miscalculations or oversights.
Step 3: Identify any business expenses paid out of your account. This can include cell phone expenses, gas, and many other items. These expenses should have receipts or credit card statements with the transactions present. Again, these should be filed according to the time they were charged.
Organization is one of the primary ways a new small business can succeed in preparing for tax season.
Step 4: Prepare all financial statements to send to your accountant. Research suggests that small businesses can show more expenses with the help of a bookkeeper.
Step 5: Send all financial records to your accountant.
Here at ShoreSource Business Solutions, our job is to organize your financials to give you the best possible outcome regarding your finances and prepare for tax season.
Are you interested in learning more about ShoreSource Business Solutions, LLC?
Feel free to reach us at 843.729.2961 or info@shoresourcebiz.com.
