It's that time of year again.
Tax season is in full swing, which means it's time to start digging out your W-2s, receipts and inventory records from the past year. If you've never filed small business taxes before, the process can seem daunting at first. Thankfully, it's not too different from filing personal taxes, especially if you know where to go for help.
Investing in professional financial assistance is always a good idea, especially if this is your first time filing taxes or you're not particularly math-minded. Even after having an accountant review your taxes, you'll want to give them one more glance before sending the forms off to the government.
Whether you're filing your own SMB taxes or you're having a financial adviser complete them, check out these online resources that may prove useful during your tax journey.
As you're gathering papers and deciding how you'll file, look to these resources for guidance as you begin filing taxes.
- IRS Cheat Sheet: Not sure where to begin? The IRS has you covered. Review the documents found in the Small Business and Self-Employed Tax Center to discover which forms you need to fill out, which records should be submitted to the agency and how to track employees working at your company. For guidance on how to file specific forms or documents, visit the IRS' Filing and Paying Your Business Taxes page.
- H&R Block's SMB Checklist: Whether you're using H&R Block to file your taxes or not, the site has helpful pointers for small-business owners who need a little guidance. This easy-to-use checklist breaks down the basics by "income" and "expenses," making the process of compiling your tax forms much easier for those who might get a bit overwhelmed in the process. Bullet points list the items you may have spent money on throughout the year that can be expensed, as well as the items and funds your company should consider as income.
- How to File from TurboTax: If you require a more in-depth step-by-step list to help guide you through the filing process, you'll want to look to Turbo Tax's "How to File Federal Income Taxes for Small Businesses." This tool describes the differences between separate forms, as well as which ones should be completed for your specific enterprise. The site also directs business owners to other resources or companies that may provide further assistance during the filing process.
For the future
If you've already filed your taxes or you've sent your financials to a firm or professional, you may be wondering how to simplify the process for next year. Consider using one of these tools to organize your 2015 expenses to make filing much easier next spring.
- QuickBooks: When it comes to budgeting for your small business, few resources are as all-encompassing as QuickBooks. The software was built with small-business owners in mind, meaning its features and tools are customized to meet the needs of people who are still getting the hang of accounting. It allows you to track customers, develop expense reports and compile income easily. The online service even provides a list of nearby accountants, meaning any high-touch questions or concerns can be broached by a professional in the area.
- inDinero: Similar to QuickBooks, inDinero helps your company stay on top of its accounting. This software proves invaluable during tax season, as it files corporate taxes for small-business owners. The application can be used on both computers and mobile devices, making it ideal for businessmen and women on the go.
Searching for other resources to make accounting easier? Check out these three tools to make budgeting a breeze.