Filing Business Taxes for LLC for the First Time: LLC Tax Filing Guide & Deadlines Intuit TurboTax Blog

Everyday business expenses aren’t the only deductions self-employed workers can take to reduce their taxable income. If you contribute to a traditional IRA, SEP-IRA or SIMPLE IRA, those contributions may also be deductible. The same goes for payments made for health insurance premiums paid on the behalf of yourself, spouse or dependents. As a small business owner, you’ll want to be informed assets = liabilities + equity of the most common tax errors to avoid making them. From selecting the correct business entity to claiming your rightful deductions and making payments on time, you’ll want to ensure you’re checking all the boxes come tax filing time. In addition to your financial statements, your accountant will need more detail to ensure accuracy and to take advantage of any small business tax deductions for which you may be eligible.

The Appropriate Tax Forms

Terms and conditions, features, support, pricing, and service options subject to change without notice. For a full list of which goods and services excise taxes may apply, refer to the excise tax overview page on the IRS website. If the date for paying taxes falls on a holiday or weekend, taxes will be due the following business day. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post.

Employment Income

All features, services, support, prices, offers, terms and conditions are subject to change without notice. Keep your personal and business finances separate by opening a business bank account. Many institutions offer business checking accountants for self employed and savings options with varying fees and interest rates. Use a business credit or debit card for all business-related purchases.

• It also will provide any information that you have regarding tax items that are carried over from a prior year.
• College students are not the only people who can deduct education expenses from their taxes.
• With small business tax planning software like QuickBooks, you can find all necessary documentation in one place for a more seamless tax preparation process.
• Filing taxes for your business means you’ll have to include information about your income, expenses, assets and depreciation, payroll, and more, on top of everything else on your plate.
• If you’re wondering about how to file taxes efficiently, hiring an accountant to help you can save you a lot of stress.

Financial statement

• You can normally do this by providing your accountant with a P60 or P45, which shows gross salary, tax deducted and any student loan deductions.
• Whether a tax accountant is self-employed or working for an accounting firm, they specialize in assisting clients with tax return preparations.
• Taking the extra time to gather and organize the proper tax information will help make the tax return process a breeze.
• But if you don’t get an informational tax form , the IRS still expects you to report earnings and pay the self-employment taxes you owe.
• With TurboTax Live Business, get unlimited expert help while you do your taxes, or let a tax expert file completely for you, start to finish.

Wondering “what do I need to file my taxes?” Find out which documents to gather, whether using a tax preparer or filing online, to avoid errors and potentially reduce your tax bill. Financial statements summarize your business results, assets owned, and liabilities owed at the end of the year. Many bookkeeping and accounting software solutions have financial statement capabilities. If you work with a professional bookkeeper, request a copy of your year-end financial statements. Your accountant will refer to your financial records to report correct income and expenses on your tax return.

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• Whichever plan you choose, you’ll get you taxes done with 100% accuracy and your maximum refund, guaranteed.Get started now by logging into TurboTax and file with confidence.
• Bookkeeping software can automatically track and categorize your business receipts and expenses.
• The right software accounting program should allow easy and quick access to these reports, although packages vary.
• Bring along information on current business loans—payments, interest rate, balance—and any new loans within the last accounting year.
• Even though your employer should report your income directly to the IRS, your tax preparer will also need the information on your W-2 form(s) to complete your tax forms.

Business Loan Information

Tax professionals offer done-for-you business tax preparation so you can stay focused on your business. Schedule a free consultation to learn how you can benefit from outsourced tax and accounting services. Your accountant will need accurate bookkeeping and Grocery Store Accounting financial records to prepare your business tax returns. You should also provide the identification and business structure information detailed in this article. When preparing business taxes for your accountant, provide as many records of payments, receipts, and reimbursements as possible to ensure an accurate tax return.

• If you aren’t familiar with self-assessment, seeking the help of an accountant can help significantly in saving you valuable time.
• A tax professional can work with you to learn more about your business and specific tax situation to help you maximize your tax savings and ensure you’re tax-compliant.
• Our software helps you ensure smart bookkeeping and identify potential tax deductions.
• At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success.
• You may be able to claim tax deductions for some of the expenses you have.
• Check with your accountant to see which they prefer, and compile your documents before scheduling a meeting.