How to prepare Small Business Tax?

- An Easy Guide for Individuals, CPA’s & Small Business

“The Balance Sheet Inc.”

Tax Preparation

Tax preparation involves preparing tax returns, income tax returns, preparing and filing forms, strategic tax planning for you and your business, and audit assistance.

Tax preparation may be done by the taxpayer with or without the help of tax preparation software and online services.

Tax preparation through online offers you a safe & easy way of filing taxes.

Online tax preparation : Save money & time.

Take a look at Short details

Getting Organized

Keeping Right Records

Do Your Taxes

Software support to prepare TAX

Is it a good idea to prepare your own TAX?

Issues arise on Tax Preparation

Simple & Safe steps to prepare your TAX

Getting Organized

Consult an accountant

A certified public accountant (CPA) can help you prepare paper or software accounting system as you wish to start your business, help you keep your records up to date.

Gather ideas to get your business organized and maintain to save in the long run.

IRS Filing form SS-4

Keep detailed business tax records with Employer Identification Number(EIN)

File an Expected Taxable Income form

File projected business income figures : a) business as a sole proprietorship, fill form 1040-ES. b) business as a corporation, fill form 1120-W.

Identify right forms for your business

Depends on nature or structure of your business.

Better navigate to the IRS web page for small businesses.

Start a tax diary

Keep track of receipt dates, amounts, payees, check numbers & employee accounts.

Gather W-4 from each employee

Apply for an Employment Identification Number (EIN), or tax number.

Create a separate worksheet for each information

Easy and quick access on each financial or sales records.

Keep a calendar of important tax dates

Set reminders for meetings (yearly or monthly).

Keeping Right Records

Keep records of income

Gross receipts for sales and sales records

Investment interest Inventory Items removed for personal use Bank and savings account

balance Returns and allowances

Track employee payroll & contributions

Includes all legal fees and business insurance

Track all your expenses

Expenses include transportation & travel expenses(mileage, airfare, hotels, meals, etc.) and office expenses(rent, business vehicles, office supplies, repairs & maintenance, etc. )

Track personal salary

Depends on monthly/yearly achievements.

Do your Business Taxes (IRS Filing)

Send your employees' tax information Gather your tax records

before taxes getting on due date.

Send W-2s or 1099s to your employees and contractors.

Decide how you'll manage your taxes

Automatedtax preparation services or E-filingusing software(QuickBooks, ProSeries Tax, Ultra-Tax, Turbo Tax, ATX, Lacerte S/w).

Deduct all necessary expenses

Make an audit for each records.

Keep receipts for all expenditure.

Tax filing status & Tax deductions.

Report for deductible expenses.

Archive all tax records for 5 to 7 years

Good to audit all records for the safety of your business.

Best method is to maintain records within software for safety.

Software support to prepare TAX

For USA

QuickBooks ProSeries Tax

Ultra-TaxTurbo Tax

ATX

For Canada

CantaxTaxnic

TaxPrepQuicken

Ufile

For UK

CCH SoftwareIris Software Ltd.

Sage Ltd.Thomas Reuter

For Australia

Thomas ReutersCCH ProSystem

H&iSoftMYOBTaxCat

Is it a good idea to prepare your own TAX?

Track your income transaction, Expenditure of Current Tax year.

Helps to save extra efforts & can easily take control of finances.

Transferred to tax s/w.

Joint tax filing.

Tax Returns on small & medium businesses.

Issues arises on Tax Preparation

Confusions over Tax Categories

Trade or Business Expenses

Penalty for Underpayment of Tax

Unorganized financial statements

Day-to-Day Payroll Errors

Federal Tax Policies

Summons Enforcement

Charitable Deductions

Simple & Safe steps to prepare TAX

Best Tax Return Preparation Hire a Certified Public Accountant (CPA Professional)

Responsible to gather in-depth knowledge of business expenditures, payable & investments

Actual Returns without Penalty.

If you choose right CPA?

Limited Staffing Issues

Increased Efficiency

Focus on Core Activities Quality Assurance

No need to purchase s/w

Minimized Confusions

Less complex in tax preparation

Cost & Time Save

Using Hi-Tech Infrastructures

Expert & Skilled Solutions

Minimized Errors

Customer Satisfactions

Fulfilled Deadlines

Get Connect With Us

The Balance Sheet, Inc

“Accountants In West Palm Beach, FL”

5725 Corporate Way, Suite 205 West Palm Beach, FL 33407

Phone: (561) 501-3080Fax: (855) 460-1629Visit our Website :www.taxaccountingbookkeeping.com

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