Are you a small business owner that has been faced with your first tax return? Do you need some advice on how to tackle your business’s tax return yourself? If this is the case, then it is important to understand that tax returns are a daunting task for many small business owners; so don’t worry, you’re not alone. Filling accurate tax returns ensures that your business meets its legal obligations and can help you take advantage of tax deductions and credits.
Now, that is all well and good if you know how the tax returns work, but for those who are new to the process there is no need to worry because the dedicated, highly recommended accountants, Bond & Co, are on hand to provide you with a comprehensive guide to small business tax returns as well as any important aspects that every business owner should know.
What Should you do First?
The first step in preparing your small business tax return is to understand your business structure’s tax requirements. Common small business structures include those of sole proprietorships, partnerships, limited liability companies and corporations. Each structure has different tax implications, so it is essential to choose the one that aligns with your business goals and minimises your tax liability.
What’s the Next Step?
Without accurate financial records the foundations of your tax return simply aren’t set. It is important to keep track of all income, expenses and transactions that are related to your business throughout the year. Should you need some help in this department, a quality accounting software or your own bookkeeper is sure to do the job.
They will then be able to organise all of your business’s records, as well as keep them up to date and in compliance with all of the latest accounting standards. By doing this, you are giving yourself and your business the best opportunity to sail through the tax preparation process smoothly and without any costly errors.
To follow is to understand any deductible business expenses; be that rent, utilities, office supplies, employee wages, professional fees, advertising costs and travel expenses. This will then make the next step of separating your personal and business finances from each other a much simpler task.
Depending on your small business’s structure, you will then need to file any deadlines or forms; more often than not, this is the stage that small business owners tend to come to a halt. If this is the case for you, then it may be time to consider the services of our highly qualified and experienced accountants at Bond & Co. Simply visit our website to find out more about our skills, knowledge and services for small and medium business’s tax returns.
Reduce the Stress of Small Business Tax Returns with Bond & Co
Whether you have attempted the tax return process yourself or you simply haven’t got the time, patience or skills to tackle it yourself, then seeking the expertise of our renowned accountants is sure to be the most beneficial way forward for both you and your business.
Why not get in touch with us today where one of our experts will be happy to answer any questions you may have, provide you with the further details you need, as well as arrange a tax accountant to guide you through the small business tax return process.