How to Prepare Your Small Business for Tax Season 2018 Right Now:
3 Simple Steps

prepare your business today for the 2018 tax season
The holidays are just around the corner, which means tax season will be here before you know it.

In the rush of holiday shopping, tax season sneaks up on many businesses each year.

Not this year!

Don’t get caught scrambling to get everything together at the last minute. You can start preparing today and help make the 2018 tax season be much less stressful.

Step 1: Start Organizing Your Records

Start by printing off a statement of profits and losses to get an idea of what you might owe.

If you don’t already have them, collect W-9’s from all of your contract workers. This will make it much easier to get them their 1099-MISC form before the January 31st deadline.

Finally, gather your business receipts and put them all in one place.

Step 2: Make a Payment Plan

Most small businesses will owe some money on their taxes. It’s late enough in the year that you should be able to get a good idea on what you might owe in taxes this year.

Start figuring out how you’re going to pay the IRS and start saving if you haven’t already. If you aren’t able to pay it all at once, the IRS will work with you to make a payment plan, but that’s not ideal.

Step 3: Consider Hiring a Tax Professional

Business taxes can be complicated, especially if you’re a new small business owner. Even if you think you know what you’re doing, it may be best to hire a tax professional.

Oftentimes, a professional can find deductibles and other ways to lower your tax bill that you probably wouldn’t be able to find on your own.

Ask friends and business associates who they use or recommend.

Wait, When Are Business Taxes Due in 2018?

Don’t worry – take a deep breath. The good news is you have some time.

The deadline for partnerships and S corporations is March 15, 2018. For C corporations and individuals, the tax deadline is April 17, 2018.

Tax laws can be very confusing, especially for a new small business owner. Contact MaxFilings or check out our other articles on business taxes for more advice:

Related Post