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Whether you like it or not, tax time is here. For W-2 workers, tax season can be less stressful since your employer deducts your taxes each pay period. In most cases, you will receive a refund from the government after tax season. As for entrepreneurs, taxes are tricky since you pocket all your profits and must keep track of expenses to file them accurately. On the upside, there are various perks available to entrepreneurs that can help them pay less in taxes. Duke Alexander Moore, founder of Duke Tax, shared some helpful practices for entrepreneurs to file effectively.
Don’t let tax time sneak up on you. Planning now can save you from making errors that could keep you from receiving the full refund to which you’re entitled. Or you might accidentally pay less than you owe and have to pay a penalty and interest on the unpaid balance. Whether you’ll need to complete an individual or a business tax return, here’s what you can do now to get a jump-start on your 2021 tax return: Filing an Individual Return Start by pulling together receipts for any items you plan to list as itemized deductions and gather your dependents’ information, such as their childcare expenses, as well as any child support payments you may have received. Put all these documents in a single secure place, so you have them when you get ready to file. You’ll also want to determine which tax preparation method you’ll use. If you need a third-party preparer, shop around now. At the start of the year, gather all the documents you’ll receive from third-parties, such as: Income statements,...
As the calendar year ends and business tax season looms, entrepreneurs must start gathering documents and calculating their income, expenses and deductions to determine how much the IRS expects them to pay in taxes by the April deadline. A small business tax preparation checklist could help ease the process. Whether you’re getting ready for your first business tax season or you’re an experienced veteran, continue reading to brush up on what you need to prepare. When is business tax season? Small business tax preparation checklist Steps to take next tax year When is business tax season? Personal tax returns are due in April every year, and springtime is often thought of as tax season, especially for pass-through entities, which we’ll discuss in greater detail, below. But business owners may need to pay taxes throughout the year. Because business owners don’t have an employer who withholds tax from their earnings, they typically make quarterly estimated tax payments. Self-employed...