By Jessica
Being a small business owner really does not free you from the responsibilities that come along with having something of your own. When you are a small business owner, you have to make sure you pay taxes on time. There are over 10 tax preparation resources for small businesses as of now.
You can easily give your business a legal boost with the help of these tax preparation resources.
What is tax preparation?
When you own a business, you must also make sure that you know what preparing tax means. Federal, state, or municipal tax returns are all part of tax preparation. For clients ranging from individuals to businesses, tax advising services include analyzing financial and tax issues, coming up with solutions, and offering recommendations.
Candidates that are preparing for tax must also participate in including Federal and state individual income tax returns, Federal and state corporation tax returns, Tax consequences of acquiring existing businesses and business assets, Estate tax planning, Tax ramifications of corporate and real estate transactions, Investment planning, Property tax assessments, Value Added Tax (VAT) Services, etc.
Top 10 tax preparation resources for small business
There are many basic things that small business owners should be familiar with before they start to prepare taxes. They will surely require the right resources to do so. Hence, in this article, we have listed down the top 10 tax preparation resources for small businesses:
Research AICPA Listings and Peer Reviews
It is important that small business owner does proper research on AICPA listings and peer reviews in order to carry on their tax preparation journey. The majority of business owners should consult experts to make the most of all possible deductions. They can also reduce the amount their company pays the IRS. The public can easily access The AICPA Peer Review Program (PRP) that is made available to them.
Additionally, memberships in the Employee Benefit Plan Audit Quality Center (EBPAQC), Governmental Audit Quality Center (GAQC), or Private Companies Practice Section of the AICPA are shown in the search results (PCPS). A business owner should go through the Peer Review summary where he can find an overview of the AICPA Peer Review Program. The overview consists of two types of peer reviews, system and engagement.
Consult the Preparers of Federal Tax Returns Directory
The directory of Federal Tax Returns includes only the names of those accompanied by a valid preparer tax identification number (PTIN). Moreover, they have to be an enrolled agent, Certified Public Accountants, Attorneys, Enrolled Retirement Plan Agents, Enrolled Actuaries, and Annual Filing Season Program participants.
Small business owners can find a big number of people who have been recognized by the IRS in the federal tax returns directory.
AARP’s Free Is One Of The Best Tax Preparation Resources
If you want to know more about tax preparation, it is about time that you check out AARP’s free services. There are many users who have been making the perfect use of this amazing website that provides only the best for its users. One can be sure that the information Tax-Aide volunteers offer is correct and up-to-date with any policy changes.
And, they can be found all throughout America and are annually approved by the IRS. Their service can be booked with an appointment but you can also do it online! Now small business owners can easily get all the information about tax and its benefits and requirements from AARP.
You might also like: https://esabda.com/8-proven-business-hacks-to-apply-in-your-small-business/
Consider purchasing receipt management software
Receipt management software will help small business owners in tracking, store, and handle business receipts. Such apps or software are necessary so that they won’t miss any valuable tax write-offs and so they know where their money is going. There are many apps that will surely help business owners get the service that they want.
Some of the most trustworthy apps for this would be:
Quickbooks: https://quickbooks.intuit.com/global/
Expensify: www.expensify.com
Receipt Bank: https://dext.com/en/receipt-bank
The Kodak Alaris: https://www.alarisworld.com/en-ca/solutions/document-scanners#section%201
Bench: www.bench.co
Consult the Small Business and Self-Employed Tax Center
It is always advisable for small business owners to consult the small business and self-employed tax center. Small business owners can lessen the time they spend on filing and document preparation.
Self-employed tax centers and small businesses will not only provide them with the information they will be needing in the long term but also these non-profit organizations maintain a consolidated database of legal documents and company forms, including excise tax documents, tax provisions, and other materials.
Utilize the IRS Free File System to Save Money
The IRS free file system is free, safe, and totally reliable. This is a great way for small business owners to receive an uncomplicated federal tax return.
The goal of the IRS-free file system is accuracy and it ensures that people are getting whatever they need while also helping them save money. You get the best of both worlds here! Small business owners really need not worry while filing their returns.
eFile.com Is Your Go-To Tax Preparation Resource
eFile.com is definitely a trustworthy website. You can now take the aid of this website without any problem. The transparent pricing on this website is one of the most attractive features of the website. Moreover, this factor is likely to play a positive role among small business owners.
The program will assist users in creating their income tax return or tax extension form after they enter their tax information.
Use the Small Business Administration’s Free Courses (SBA)
New business owners and established small enterprises can receive free counseling and inexpensive training from the SBA. This is a great place for small business owners to educate themselves about whatever they will be needing in order to prepare for taxes.
SBA can result to be a great source through which they are likely to soak as much information as they possibly can not just to learn but also to work ahead as a small business owner. The site specialized in small business owners which makes the site all the more convenient!
Stay updated with your quarterly financials
With the help of the anticipated tax payment method, small-business owners may keep track of their costs while they prepare their tax returns. They can also deduct any expenses that arise beyond that point until they submit them to the IRS.
Small business owners can easily know whether they should set aside money for when they file their tax returns or whether they need to increase their tax payments due to an increase in income.
Use DrakeTax
DrakeTax is one such software that enables clients to enjoy services from professionals. Many people have already signed up to get the services that DrakeTax provides through different tax professionals.
The information is almost always free of errors as it is not presented through machinery. Overall, this is an amazing way for any small business owner can prepare for their tax. However, the price may be on a little bit the higher side. Regardless of this, their service is highly rated and is clearly worth what you are spending.
Conclusion
It is undoubtedly not the simplest process to prepare for or file taxes. It can be a bit of a hassle, especially for small business owners who frequently cannot afford to hire professionals for their jobs. But whoever is attempting to achieve the finest on a tight budget will undoubtedly find the aforementioned software and resources to be more than helpful.
If you are a small business owner, you should definitely go for these alternatives!
Also read: https://esabda.com/5-best-alternative-apps-for-spotify-that-are-free-of-cost/
