New Business Owner And First Year Filing Taxes? 3 Options To Help You

Posted on: 11 January 2018

If you are a new business owner part of this is paying taxes. It is important that this is done properly, or you could end up owing the IRS a lot of money. Fortunately, there are many things to help you prepare and file your taxes. Below are three of these things, so you can get started.

Hire a Tax Accountant

One of the best things you can do is hire a tax accountant. Make sure they have worked with businesses, however. This professional will help you every step of the way from preparing, filling out the right paperwork, going through deductibles, and filing your taxes. A tax professional may even be able to save you money as you may pay more if you do your taxes on your own.  This is because there may be tax breaks available that you do not know about.

If you choose to hire a tax accountant, check their references to make sure they have the experience.

Use a Tax Service

There are companies that offer a tax service each year around tax time. They employ people that are knowledgeable about how to do taxes and who are aware of all the tax laws. The cost for this service will depend on the type of taxes you are filing. For example, as a business owner, you will pay more than someone that is filing personal taxes.

Bring all paperwork with you to your appointments, such as all receipts, income statements, healthcare statements, copy of tax return from prior year, and itemized ductions you think you have. If you are not sure that you are taking the right things with you, contact the tax service before you go and ask them what they need to have.

Use Software

If you would like to do your own taxes, there are many software packages you can purchase. If you hire someone to do your taxes they use some type of software on their own. You should only use software, however, if you understand about taxes, such as what deductions are.

After you install the software it will ask you many questions about your taxes. You will click Next to go through each screen. By the end, the software will have everything it needs to do your taxes for you. The software will tell you what deductions you can use and if you qualify for anything else.  If you are not sure what software to use, contact a tax professional in your area and ask them if they can recommend software to you.

When finished, the software will display on the screen the taxes you owe or if you are getting a refund. It will electronically go to the IRS, so you will not have to mail anything. You should also print out a copy of the tax paperwork and keep it in a file.

This information should help you get your taxes done so you can focus on your business. For more information, contact a business such as The Tax Genius.