Happy New Year – with the start of 2021 comes the closing of 2020 as a very very long chapter for many of us. As we turn the page we must reconcile the year before – you know what that means – TAXES.
For many people the thought of paying taxes is daunting and overwhelming, but arming yourself with information can ease the tension of paying up to Uncle Sam!
5 Tips for getting through TAX season:
Make a Plan
Of course this is step one, and we’re hoping to help you take the next steps with a little less stress. Taxes are due March 15, 2021 (Partnerships - LLCs and S-Corps) and April 15, 2021 for Sole proprietorships and C-Corps. Give yourself a workable timeline to make sure you are getting payments to Uncle Sam on time (or early)
Remain Objective & Honest
Taxes are just numbers with laws applied to equal an amount owed to the government. Leave the emotion out of it and take it one digit at a time. Make sure you are fully transparent; your bank statements will be.
Take some time to research your tax liability as it pertains to:
- Federal Taxes
- State Taxes
- City/Municipal Taxes
- You will need records of your business expenses and earnings
- Bank Statements
- Credit Card Statements
- Purchase Orders
- Mileage Information
- Business EIN/SSN (sole proprietor)
- The correct filing form (based on your business structure LLC, S-Corp, Partnership, Sole Proprietor (visit www.irs.gov)
Ask Questions – GET HELP!
Unless your day job includes the letters CPA – go get some help! Seek out your local Small Business Development Council, S.C.O.R.E. Chapter, and other business networks to find a great tax professional in your area. They are highly trained and are ready to support you and your small business.