The April 15 deadline for filing federal and state income tax returns is fast approaching and with many tax returns due the real estate industry must start thinking about business tax preparation. Using a checklist will assist you to be more organized and correct quickly. And who doesn't want to get away with less penalty or tax payments because of a sloppy return? Use this business tax preparation checklist to help you keep on top of your duties:
Pick your poison (TAX Forms, THAT IS). One of the biggest mistakes that small business owners make is not going over their income tax forms with a fine tooth comb. Many small business owners end up mistakenly deducting too much of their personal income when they really only owe an equal amount to the government as their business income. If you have a hard time reading your own tax forms make use of a certified public accountant or CPA to help you.
Maximize your business tax credits. Most business owners overlook the business tax credits, which can significantly lower your overall tax liability. To take full advantage of these tax credits, it's important to understand exactly what is included in your tax form. Also, be sure to understand how much of the eligible deductions you can take.Check out this website at https://edition.cnn.com/2018/12/18/opinions/trump-tax-cuts-fed-interest-rate-jill-filipovic/index.htmlfor more info about taxes.
Get help from a tax preparer. St George bookkeepingwill ensure that all the necessary paperwork is prepared and filed correctly. If you have a hard time understanding the complex nature of the income and expense statement then it's better to have someone else do it for you. However, if you are a skilled and knowledgeable business owner the tax preparer may be your best choice. Just don't rely on your tax preparer to do your math and keep your personal financial records straight!
Be accurate on your business tax return. One mistake on a business tax return has the potential to make the difference between an acceptable result and a resounding audit. This is why many small business owners prefer to pay the small fee that a professional tax preparer will charge to help them prepare their return. It's important to understand the tax laws and maximize your tax credits by ensuring that all of the required documentation is filed and claimed.
The key takeaway from this article is that every business owner should consider hiring a tax preparer to help them with their income and/or company tax returns. The sooner that these professionals are hired, the sooner they can start planning for the future and planning for how they will continue to grow. While the small fee that a professional business tax accountants st georgewill charge will go a long way in offsetting any potential losses on your part, it is still a worthwhile investment. There is nothing worse than the stress that builds up when trying to figure out which deductions you are eligible to take, or calculating potential overtime and employer social security contributions.