01/25/2024 | Press release | Archived content
It's officially the start of tax season, and if you're a business owner, you know your finances must be in order for tax season. However, with so many forms and so much information to account for, it can be a daunting task for your business every year. That's why preparing your business and taking the right courses of action ahead of time is vital.
With careful preparation, you have the power to file your business taxes as seamlessly as possible. In this blog post, allow our team at Landmark National Bank to provide a comprehensive guide on how your small business can best prepare for and file your taxes this calendar year.
As tax season begins, the best thing you can do to prepare and file your business taxes on time is to get organized. Gather all necessary documents and information to file for your business. This includes what type of business you fall under, such as an LLC or LLP. Additionally, consider where you will be paying your taxes. There are multiple tax filing solutions available for your business to choose from.
The most critical step in preparing for your taxes is collecting your business's records for the year. Ensure that all your records are accurate and adequate to ensure your return is correct. Double-check that the income you report to the IRS matches the one presented on the 1099s you received. In addition to this, have last year's tax records handy for comparison and easier access to critical information.
Not all business taxes play the same role in your business tax filing. In general, there are five types of business tax, which include the following:
There are several steps to consider before and as you file your business taxes. Make sure you not only have all your income and records organized and gathered but you'll also need an Employer Identification Number (EIN). This number is how the IRS identifies your business. If you are a sole proprietor or a solo LLC, you can often use your social security number instead. Additionally, look for additional tax forms to file for particular scenarios or specific information.
You have three choices when deciding how to fill out your tax form. The first is to fill out a paper return. This is among the most secure ways to file taxes, but it takes the most time to process. The second way is to utilize an online return, which can quicken the process but requires filling out electronic forms. Finally, you can go to a tax preparer to alleviate some of the labor.
The primary tax deadline to look out for is April 15. Commonly known as Tax Day, this is when all taxes are due each year. You can begin to file your taxes as soon as early January if you have gathered all the necessary documents. However, there are additional deadlines to look for throughout tax season. Look through the IRS's online tax calendar for more information about tax deadlines.
Having the correct information and courses of action can help make filing your business taxes easier. However, even with the present information, there are business tax tips you can consider to make filing this year as easy a process as possible. Here are some tips for your small business to consider before you start:
Don't wait until tax season to get your business's finances in order. Open a business checking account or a money market at Landmark National Bank. From there, you'll gain access to our other banking services that allow you to get paid and pay your employees seamlessly. Let our banking associates help you find the best solution for your business to create a stress-less tax season every year. Find your nearest bank branch location or contact us online to get started today!