While this guide brief guide offers you a basic overview to file business taxes, you just can’t overemphasize the importance of professional tax defense partners – more on that later. From beginning to end, here’s the mission-critical information you need to get your income taxes filed.

Organize Your Records

Before starting off with anything, collect every appropriate business record. What is appropriate, you ask? Based on the type of your business entity, you’ll need a lot of things, but start here:

• Employer identification number
• Personal information (DOB, address, SSN, etc.)
• Tax returns of last year

You’ll also need to gather everything related to your expenses and earnings. On the earnings side, this could be:

• Invoices you sent to clients
• Records of goods sold to customers
• Sales records that jot down money coming into your business

On the expenses side, gather receipts for any costs you incurred during operation. Think of the following aspects:

• Client lunches
• Employee salaries
• Mileage records
• Office supplies
• Rent receipts for your small business

Find The Right Tax Form For Your Business Structure

Now, it is time to get your hands on the right tax form after having your records sorted – and this relies on what kind of small business entity you operate. Typically, it would lie in one of the following brackets:

• Any small business that pays contractors
• C corporations/LLCs that elect to be corporations
• Partnerships or LLCs with multiple members
• S corporations
• Sole proprietorship or LLCs with one member

File Your Taxes Online

In 2018, 92% of Americans filed their taxes online. This is because filing business taxes online:

• Doesn’t need you to fill out paper forms
• Gets your return to the IRS swiftly
• Is as safer and secure than sending your forms in the email
• Let’s you obtain your refund electronically through direct deposit

While e-filing (or finding your taxes online) with the IRS, you have two options, which are, free file and free file fillable forms. If your AGI (or adjusted gross income) for the year is less than $69,000, you may use the free file. If it’s more than that, free file fillable forms are your only option.

Apply For An Extension If You’re Late

Of course, the deadline for filing your small business tax return will rely on your business entity, however, if you’re finding yourself behind the eight balls, don’t fret – applying for an extension is always an option. Although this offers you some additional breathing room for getting your paperwork filed, it’s imperative to note that you still have to pay your approximated taxes by the original deadline.

If you’re looking for one of the best tax defense partners for income tax services and filing business taxes in Salt Lake City, BoswickTax is where you should be headed.

The post How to go About Filing Your Business Taxes? appeared first on BoswickTax.

Where to Look For A Tax Accountant?

While certain accountants are jack-of-all-trades, others specialize in specific areas. You don’t want to appoint someone who has never dealt with an audit before if you’re being audited, but likewise, you probably don’t require an audit expert to explore tax-advantaged savings for the education of your new child.

When it comes to finding the right fit for you and your needs, asking for referrals can be a good bet. Ask attorneys, financial advisors, and business owners, but don’t overlook family/friends, either. Almost everyone files taxes – or, at least, they are supposed to – so there’s plenty of names out there. Explain what you want the accountant to do for you and why you’re searching for an accountant. This will assist people in steering you in the correct direction.

Don’t hesitate to call the accountant or the firm to discover whether they have the expertise to deal with your taxes if there is anything different about your situation.

Beware of Red Flags

Stay away from an accountant who promises you a big refund right from the beginning, before even analyzing your personal financial situation. The same goes for someone saying you can deduct a huge number of expenses before really interacting with you.

You’re not committed for life so pull the plug if necessary. Don’t be afraid to change accountants or shop around if you aren’t comfortable or satisfied with the service you’re receiving, even if your tax deadline is looming and you’re halfway through the process. Remember, you can always request an extension of time to file your return.

Retail Franchises

Some retail tax franchises provide competent assistance if you just want to file a relatively simple tax return. Often, you can even find EAs (or enrolled agents) and CPAs (or certified public accountants) working in these offices.

Ask if you can meet with an EA, a CPA, or a senior tax preparer if you decide to utilize one of these services. While you’ll pay the same price usually, you’ll be able to work with a more seasoned professional.

Yes, Interviewing is Important

Arrange to conduct a meeting with the professional first to ask some questions and discuss your situation, even if you have to do it over the phone – you don’t want to commit your personal business to anyone you haven’t met. Request references, just like you would from anyone you’re thinking of appointing – and contact those references.

Remember that not everyone will feel comfortable having a little chat with you and keep it simple: “Ever have a problem with them?” “Are you satisfied with their services?” The answers to these questions can help you significantly, especially if you keep quiet after asking and let the individual at the opposite end state whatever comes to mind.

Some Final Precautions

After your interview, perform a background check. You might even search for the name of the professional in social media. Find out what is said on their own website, and what others have said about them.

Are you looking for services related to tax filing and FBA taxes in Taylorsville? Contact BoswickTax – the true experts in this field.

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While many businesses only chat with a tax consultant once or a couple of times per year, great tax deduction consultants have frequent strategy meetings with clients to discuss approach and goals. They are passionate about both the future of the client and the tax laws.

However, not every small business owner needs or wants to know how to find a decent accountant. And if you think it’s not the right fit for you, that’s totally okay.

But in tax season, if you decide that you need a little more support (and let’s speak realistically, who doesn’t?), it’s important to know exactly why you might want to hire a tax consultant? Let’s take a deep dive to find out.

During tax season, there are a plethora of reasons why you might want to bring an accountant on board to support your business:

In Comparison To Personal Taxes, Business Taxes are More Complex

Although your personal taxes are usually fairly simple (which is why a lot of people take the DIY route), business taxes are a whole other beast.

Often, even the most simple business taxes are going to be substantially more complex than personal taxes. The tax accountants have a lot of experience navigating the complicated world of business taxes, which means you won’t have to care about navigating that complexity on your own.

When It Comes To Finding What’s Going On In The Tax World, Accountants Have Their Fingers On The Pulse

Undeniably, tax laws are in a continuous state of flux, and if you aren’t aware of how tax laws are evolving and changing, you risk:

• Make a mistake on your taxes
• Missing out on deductions or credits you might be eligible for

It’s the job of your tax accountant to be aware of all the recent developments in the realm of taxes, consisting of any new credits, deductions, or laws. This means your business taxes will be finished with the most recent information.

Making Mistakes On Your Taxes May Prove To Be Costly

Indeed, the most common reason people appoint tax accountants is to eliminate any chance of a mistake. And for a good reason! Filing late, incomplete, or inaccurate business taxes may result in a number of issues, comprising:

• Steep fines
• Added penalties
• An audit from the IRS

Tax accountants are aware of the ins-and-outs of business taxes. And although it can’t be guaranteed that a tax accountant won’t make a mistake on your taxes, the probability of an error slipping through the cracks (and proceeding to the IRS) is far less likely when your appoint a professional.

Of course, there are several reasons to hire an accountant to do your taxes. But, exactly how do you do that? Here’s how:

Vital Traits You Should Look For In a Good Tax Consultant

• Are a personality match
• Are able to represent you in an audit
• Are impeccably organized and pay keen attention to detail
• Display interest in understanding the needs of you and your business
• Have experience in working with small businesses
• Have expert-level communication skills
• Specialize in taxes

Looking for income tax preparation and related services? Awesome. Contact BoswickTax now, and one of our friendly representatives will be glad to walk you through the process.

The post Why Appointing A Tax Consultant is Absolutely Worth It? appeared first on BoswickTax.

The main reason e-filing, or online tax filing services, has become so famous is because it’s easy, quick, and everything gets processed faster. Here’s the breakdown of the advantages e-filing offers:

Convenience

The days of arranging an appointment with your accounting office are long gone. Now, you don’t need to wait around while they punch a calculator, simultaneously asking you for your signature.

Online filing can occur from anywhere. The internet is a sole requirement for any web-based tax program, and therefore, your tax office is virtually located anywhere.

The programs allow users the confidence that they won’t be subject to any penalties for incorrectness and that they’re not missing out on anything. You can also start filing, go as ahead as your time permits, save what you’ve already finished, and return to it later. To sum it up, e-filing offers you convenience.

Electronic Records

The practice of keeping the records of your taxes up to seven years is highly recommended. It may be risky to throw out old tax records. If not disposed of properly, they can open you up for identity theft. In contrast, that stack of past taxes will continue to grow every year, taking up more space. Fingers crossed for no fires or floods.

E-filing gives you the luxury of keeping as many years of history as you want, securely stored online and not using any physical space in folders or drawers. This makes information easy to retrieve.

Faster Processing

When you file online, everything processes faster. You won’t have to go through every instruction for every form you’re filing and determine what number goes in what box. E-filing asks intuitive and simple questions, making it clear where to input information and filling out the appropriate forms on its own in the back-end.

With electronic signatures, you won’t even have to write your name a million times for filing. Just draw your signature on the trackpad of your device, copying and pasting it when indicated to do so.

Besides the time that you actually spend on your PC filing your tax returns, finishing them online also indicates that the information gets passed on the back-end faster, too. As soon as your end is finished, the information is directly sent to the IRS on an immediate basis. This gets rid of any wait-time for the postal service to submit the documents, the mailroom of IRS to sort them, and then eventually get them to someone who can get the approval.

This also means that, in case you get a refund, you’ll get that back quickly too. Not only because the information of tax return can be quickly processed, but also because features such as direct deposit ensure your tax refunds are wired automatically to your bank account, in contrast to having to wait for a physical check and being at the mercy of the postal service.

Accuracy

The accuracy is the most important part about filing taxes. Giving incorrect or incomplete information to the IRS may result in hefty penalties, fines, and even jail time. Filing online ensures that the forms sent to the IRS will be accurate, as long as the information you input is accurate.

In the majority of the cases, the e-filing program guarantees precision where, if there is any mistake, they have the responsibility of incurring any fees and correcting them.

If you’re looking for online tax return or tax preparation services in Utah, look no further than what BoswickTax has to offer. Contact us now to know more!

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