As a business owner, you will have to decide whether or not to pay taxes quarterly or annually. For most, quarterly taxes make more sense. You can keep a closer eye on the taxes that are going out and a projection on what you might owe or get in return. If you’re books are a mess or non-existent, you’re in the market for a tax accountant.
If you think you’re books are fine, you may want to consider reading the rest of this post today to get a better understanding of all the items you need to account for when preparing your taxes. Don’t want to do your own taxes? As a tax consultant, I have more than 15-plus years of tax preparation service experience in all industries. Call me, now!
Business Tax Preparation Checklist
#1. Income
- Gross sales or services receipts
- Accrual based sales records
- Allowances and returns
- Interest for business checking and savings
- Other uncategorized income
#2. Goods Sold Costs (Where Applicable)
- Total dollar amount for beginning inventory
- Inventory
- Purchases for inventory
- Total dollar amount for ending inventory
- Removed items for personal use
- Supplies and materials
#3. Expenses
- Phones
- Computer and internet
- Transportation and travel
- Advertising and marketing
- Subcontractor commissions paid
- Asset depreciation
- Business Insurance
- Interest for mortgage, loans, and investments
- Professional fees like lawyers, accountants, and other consultants
- Office materials and supplies
- Work-space rent
- In-home office use
- Employee wages paid
- Miscellaneous like repairs, maintenance, health insurance, premiums, and more
Why Use Business Tax Preparation Services
You’re running and growing a business. You need to spend your time on the obligations that matter. When it’s time to take care of taxes, don’t waste your time carrying the burden. Avoid mistakes and save a ton by hiring a tax consultant who can prepare your taxes and file for you. Here are the reasons why:
Tax preparation, filling, and return amendments are a hassle. Whether they are complicated or not, doing your own taxes takes time away from you actually growing your business.
Avoid Errors
Tax filing errors will cost you money. Don’t deal with it. Choose a tax consultant in Maryland for your business and have your taxes filed correctly the first time. You save thousands when you file properly the first time.
Get Tax Advice
When it comes to business tax preparation services, an experienced tax consultant will have more years under their belt handling taxes for businesses. This means that they have the knowledge to help you save a ton!
Avoid Criminal Charges
When you sign your tax filings, you are declaring the information is accurate. If the IRS audits your returns and finds errors or mistakes, you can potentially face serious legal ramifications. This can cost you thousands.
Your Master Tax Consultant in Maryland
As a tax consultant with 15-plus years in all industries, I provide clean, direct, efficient business tax services. You’re losing money if you don’t leverage a tax expert to prepare your taxes. Call me, now!
