There are millions of small business in the U.S. that make up a little over half of all existing jobs. In order for these organizations to thrive, business owners need to be savvy on a wide range of different federal, state and local rules and regulations. Tax season can be a burden on the already busy schedule of a business owner. Luckily, there are many different tools and resources available to help you through the demanding tax season.
Online Educational Communities
Many small businesses elect not to use the services of a CPA in favor of saving money, and instead, they will turn to the many online resources that are at their disposal. For example, businesses like TurboTax offer online communities where visitors can ask questions and engage with a helpful and active community consisting of employees, tax professionals and other small business owners. However, the wealth of resources extends well beyond those forums. Organizations such as the U.S. Small Business Administration also offer free advice on their websites. Additionally, there are a number of blogs available, like 1040.com, that are run by knowledgeable tax professionals in an effort to assist small business owners through the tax season.
Taking Advantage of Online Platforms
If you’re more of the do-it-yourself business owner, then consider using online platforms for bookkeeping and completing your taxes. Platforms such as QuickBooks can be the saving grace for a business owner when it comes to keeping track of expenses and planning for tax season. The program can intuitively track expenses, organize data and oversee a myriad of small bookkeeping tasks. There are many platforms that cater to different budgets and to different industries like retail, healthcare and non-profit. These programs are flexible and help small businesses with their accounting and bookkeeping needs. They can also expedite the process of filing taxes while removing some of the stress that surrounds tax season.
Learning Straight from the Source
Another tool for small business owners who feel comfortable handling their own taxes is to use the education resources that are available on the IRS website. The website has virtual workshops and a nine-part lecture series which offers an overview of helpful financial information for small business to utilize when preparing and filing taxes. The IRS’ website also provides descriptions and PDFs of the various tax forms needed for a business. As an added bonus, you can download the W-2 forms and more from their website. Whether you’re using a guided program or doing it completely yourself, the IRS website is a great resources to answer any uncertainties during tax season.
When it comes to filing taxes, being prepared can help save a lot of time and money. Hiring a professional, consistently tracking finances via online platforms or understanding the tax process from start to finish will all help a small business avoid any unwanted stress, fines or mistakes. A qualified attorney can be a welcomed asset to a small business during the tax season by offering expert advice to avoid any unnecessary complications.
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