We are approaching the end of the year, which means right now is the perfect time to get all of your tax information in order. If you are a small business, it is essential that you file your taxes on time so that you avoid any penalties. Paying your taxes late can result in you getting in serious trouble with the IRS. PL Consulting can assist you with filing your taxes and make sure that you submit all of your forms before the deadline. Luckily, there are a few simple tips you can follow when it comes to filing taxes for your small business.
Keep Extensive Records
One of the most important aspects of filing small business taxes is keeping extensive records of revenues and expenses. You need to make sure you are keeping good records on a daily to weekly basis. There are a wide range of software programs to assist you, including QuickBooks, which PL Consulting recommends. The software connects with your bank and credit card statements. You will always be up to date on your cash flow and income of your business. When it is time to file your taxes, you will have all of your tax information already in place.
Make Purchases and Contributions
Right now is the perfect time to make any business purchases so that you make the most out of your deductions before the year ends. Do you need to upgrade your equipment around the office? Do you need to stock up on supplies? Are there any vendors you need to pay in advance? In addition to purchases, make sure that you contribute to your retirement plan so that you can reduce your income when filing.
Take Time Each Week
When it comes to filing your taxes, there is a lot of preparation that is needed. It is best that you take time each week to review your expenses. You need to do the proper checks and balances regarding your finances. Make sure that you are paying all of your vendors on time and that you are tracking your cash flow.
Lastly, reach out to us for your year end checklist to make sure that nothing gets missed!
PL Consulting Can Help You Plan Your Budget!
PL Consulting offers a diverse range of bookkeeping and other financial services. Each of our services is customized to fit the needs of our client and his or her business plan. Our team can help you with each step of your business from organization, to budget, to financial maintenance. We are located in Pikesville at 119 Old Court Rd Baltimore, MD 21208. Contact us at 410.764.3731 or firstname.lastname@example.org so that we can assist you with your bookkeeping needs. Remember to stay up to date with everything PL Consulting by following us on our social media platforms via Facebook, Twitter, and Google+.Posted on