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.

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...