When it comes to filing taxes, many businesses are disorganized and unprepared. As the 2014 tax season approaches, it’s important for every Tucson business to prepare its tax return, balance its books, and create detailed reports on project cost matters. Even though working with an accountant is the best way for a business to ensure its taxes are filed correctly, there are some steps a business can take to enhance the process.
Create a checklist
The first step in tax preparation is creating a tax preparation checklist. Using this checklist will help to ensure that the right documents are in order, so that the tax return isn’t missing any important details. Not only does the tax preparation checklist help a business see what’s already been done, but it also helps a business assess its future needs.
Seek professional help
The IRS offers programs to help individual taxpayers file their tax returns. These organizations are the Volunteer Income Tax Assistance and Tax Counseling for the Elderly. There are also a variety of software programs that help guide individual taxpayers through the filing process. However, working with a local accountant is an even better way to stay organized, maximize tax deductions and tax credits, and file electronically.
Know your deadlines
A business shouldn’t begin preparing its taxes the day it’s supposed to file its tax return. The only way for a business to be fully prepared when tax season approaches is by considering its tax situation throughout the year. It’s much easier to prepare ahead of time by keeping track of future tax deadlines. Before sending a tax return, it’s important for the paperwork to be checked multiple times. This ensures accuracy and helps a business stay confident in its tax decisions. Making mistakes on a tax return will lead to slower processing and potential problems with the IRS.
Kalil & Associates offers a solution to Tucson businesses looking to outsource their bookkeeping. We are a full service Tucson accounting firm helping clients keep the financial components of their businesses running. To speak with one of our Tucson accountants, please call (520) 628-4264.