Why We Put It Off
Across the United States, small business owners everywhere are probably busier than Fortune 500 CEOs! We don’t have assistants to assistants, lunch and golf dates—often we work so hard we find it difficult to even spend quality time with our families and friends.
The Small Business Administration (SBA) says in 2009 there were 27.5 million small business establishments in the United States. Although the SBA records include businesses with 500 employees or less, most are on the smaller scale and employ anywhere from two to less than 100 employees.
Being in charge of just about every aspect of your business takes up so much time, we often neglect (or put off) tax planning. Sure we get the tax guide from our CPA every year with fill-in worksheets to help us stay ahead, but how many of us really use those forms? We just don’t have the time!
Next year can be different if you make a conscious effort to change. Actually you may have to put in a little work at first but if you get organized, each month end will flow smoothly leading you to a stress-free tax time.
For small business tax prep, this guide assumes your small business uses some sort of accounting software such as Quickbooks, Quicken, industry-specific software, etc. Feel free to download and utilize a checklist to guide you on what tax professionals will request.
If, on the other hand, you use manual recordkeeping, I’ve offered up some great business tax checklists from professional accounting firms to help you stay on track at tax time and throughout the year. Use these checklists to begin your tax organization and ensure accurate recordkeeping of your financials. You can find the links to these checklists in the references section below.