Existing Business Resources
To avoid the chaos that often ensues around tax season, small businesses and entrepreneurs
should begin setting deadlines and identifying their problem are now.
Preparing to file your taxes now rather than moments before the deadline with help simplify the process and help you avoid trying to cram everything in within the nick of time. Joyce M. Rosenberg, a writer for the Associated Press recommends that businesses organize all receipts by the end of January and have their 1099s in-hand a few weeks later, or set other similar deadlines.
Businesses that need an extra hand in preparing should hire an accountant to get all of their paperwork in order for filing their taxes. Additionally, if you foresee yourself requiring an extension due to personal or business reasons, be sure to file for one in advance.
To avoid an audit by the IRS, which often happens to small businesses and the self-employed, make sure to file your taxes honestly, said Washington, D.C.-based lawyer Edward Gonzalez. Keep accurate records throughout the year and be sure to place all funds in a business account.
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