From the blog How to Prep for Taxes in Only 10 Minutes per Week
Taxes can be a nightmare, especially if you’re unorganized and not prepared. For Small Business owners, preparing for taxes shouldn’t start in April. Ideally, you’re getting ready for taxes every time you send an invoice or tuck payroll records in your file cabinet.
Quite often that’s not the case, though. A lot of small business owners get backlogged with daunting piles of paperwork, in part because they let important documents pile up between deadlines.
Setting aside a few minutes per week to get everything organized will help prevent troublesome bottlenecks. Spending as little as ten minutes per week will help make documenting, calculating, and paying taxes easy and effortless — and, most importantly, audit-free. If you own or you’re a part of an entertainment company and you’re finding payroll between your production team and actors and actresses becoming too difficult, you’ll be wanting to look into entertainment payroll companies.
Check out the free webinar with Eugene Takenaga, CPA, MST with Skeehan & Company to learn how to build your own system to conquer tax season early.
We’ve packed a lot of super valuable information into this 18 minute seminar, including:
- Important source documents you’ll need
- How to protect yourself from audits
- Key dates and deadlines to remember
- How to set your own timelines
- When and how to set up an action plan
Three important tips from the webinar:
- When targeting businesses for audits, the IRS looks for irregularities in deductions taken for travel, entertainment, expenditures, and gifts. Maintain your records and keep your receipts for these expenses in particular.
- Track mileage on company vehicles or receipts for gas and maintenance. Distance driven for work is one of the more lucrative sources of deductions for business owners.
- Some states have different deadlines for quarterly estimated tax filings. In California, for example, quarterly taxes aren’t actually “quarterly” — they’re due in April, June, and January. Want more insightful tips on how to better prepare for tax season all year long? Check out the full webinar!