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Business Tax Tips & Checklist

By Penny - Freelance Writer - Article Added ( 11/20/2009 )

For businesses, filing taxes can become extremely messy extremely quickly. The following businesses tax tips will help you, as a business owner, nail down the basics and put you on the road to completing you taxes.

For different business types, there are different filing forms. Always make sure that when you file, you are using the appropriate form. Sole proprietors and single member LLCs use Section C (1040) to file. For partnerships and multiple member LLCs, filing a Partnership Return 1065 as well as a Schedule K-1 is necessary. Lastly, Sub-chapter S Corporations must use Form 1120-S. If you are unsure of your business type, you can consult the IRS’ toll free hotline (1-800-TAXFORM).

Maximize your tax return through research. It’s not enough to depend on your knowledge of filing taxes in previous years. Make sure to stay up to date on the changes made by the IRS through its tax changes bulletin that can be found on the IRS website (www.IRS.gov). Deductions and credits are extremely important for businesses, but many are overlooked. Some of the most common applicable deductions. For new businesses, start up costs and organizational costs both warrant a $5,000 deductions. For businesses that have recently remodeled to make access for employees or customers easier, disability access credits up to $15,000 may be claimed. For many businesses, hiring a specialist is a good idea in identifying all possible deductions.

Always review your taxes before sending them in. Many people neglect this, but it is possibly the most important thing to remember when filing taxes for your business. The smallest error in typing may result in an audit, and no business wants to take suffer the time loss and stress of an audit. To avoid this hassle, thoroughly review your taxes before submitting them. This is another time when hiring an expert is wise. Businesses are required to file online, but it is easier to catch mistakes in a printed copy. Make sure to go over a hard copy with a group of well informed people so that you can make notes directly on the form as you go. Recheck math, verify bank account and identification numbers, attach all necessary W-2 forms, and if you owe money, send in a check or money order made out to the United States treasury along with Form 1040-V. Beginning your taxes early is essential so that you as a business can ensure that your taxes are done correctly with the most benefit to you.

Source: mbl

About The Author: Penny Harmon

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