Filing business taxes doesn’t have to be complicated when your records are organized, and you have the right tax professional helping you. Whether you are self-employed, operate an LLC, own a corporation, or have employees, preparing the right information can make filing faster and help prevent costly mistakes.
Business Income Records
Start by gathering records showing all income your business received during the year. This may include sales reports, invoices, bank deposits, payment processor statements, and Forms 1099.
The IRS requires businesses to maintain records that clearly show their income and expenses.
Local Tax can review your income records, organize the information needed for your return, and make sure your business income is reported correctly.
Business Expenses and Deductions
Gather receipts, invoices, bank and credit card statements, mileage records, and documentation for expenses related to operating your business.
Depending on your business, deductible expenses may include supplies, advertising, equipment, professional services, vehicle expenses, rent, and other ordinary business costs. Proper documentation is important because businesses must be able to support deductions reported on their tax returns.
Local Tax can help identify eligible business deductions and make sure qualifying expenses are properly reported.
Business and Tax Information
You may also need your Employer Identification Number (EIN), previous tax returns, business entity information, estimated tax payment records, and financial statements such as a profit-and-loss statement.
The type of return your business files depends on how the business is structured, such as a sole proprietorship, partnership, LLC, S corporation, or corporation.
Local Tax can determine which tax forms apply to your business and prepare the appropriate returns.
Payroll and Employee Records
Businesses with employees need accurate payroll records, including employee wages, tax withholdings, Forms W-2 and W-4, payroll tax deposits, and applicable employment tax returns.
Employers are generally responsible for withholding and reporting federal income tax, Social Security and Medicare taxes, as well as paying applicable federal unemployment taxes.
Local Tax provides payroll and tax support to help businesses stay organized, meet filing requirements, and keep payroll taxes on track.
Let Local Tax Handle Your Business Taxes
Running a business already takes enough of your time. Local Tax can help take the stress out of tax preparation by reviewing your records, preparing your business tax returns, identifying eligible deductions, and assisting with payroll and tax filing requirements.
Whether you are a new business owner, self-employed, or manage an established company with employees, Local Tax can help you stay compliant and prepared.
Need help with your business taxes or payroll? Contact Local Tax today to get started.