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Are You Prepared for Tax Season?

February 14, 2019 by OSYB Staff

Preparing for the tax season should not be a last minute scrambled task.  Intuit Quickbooks shares some tips to help you plan and prepare your tax return.

  1. Organize documents
  • don’t file expenses in a miscellaneous account because you will have to assign them at some point
  • get into the habit of storing your receipts on the cloud
  • use accounting and tax software

2.  Check with your accountant to see if you qualify for the lower tax rates.

3.  Check with your accountant to see if you are a passthrough.

4.   If you purchased machinery, equipment and other assets for business, make sure to check with your accountant to see if the purchases are deductible.

5.  Business-related entertainment costs have been eliminated but check with your accountant as to what other business related costs are still deductible.

6.  Check with your accountant to make sure that you are paying the appropriate self-employment tax.

7.  If you make estimated payments, make sure that your accountant helps you to calculate the right estimated payments.

8.  If you file for an extension, remember that your tax liability is still due by the tax deadline of April 15, 2019.

The tax rules and changes are quite complicated so you should consult with a tax professional.

For detailed information:  Preparing Your 2018 Taxes? What Small Businesses Need to Consider

Image credit:  Deposit Photos