As a business owner, it is your job to make sure that your business is financially responsible. This includes promptly paying your taxes. Lucky for you, several websites are able to give you the guidance needed to prepare your taxes correctly. Here are a few things to keep in mind so you stay on the right path.
- Make Sure To Have The Correct Forms. The forms will differ based on the type of your business: sole proprietorship, LLC or corporation. Regardless of which form you need, calculating your taxable business income is done in virtually the same way. If you use a sole proprietorship or an LLC, report your business income and expenses on a Schedule C attachment to your personal income tax return. A Schedule C form is a simple way for filing business taxes because it is only two pages long and lists all the expenses you can claim. For a corporation type of business, prepare a separate tax return on Form 1120. This form requires more details than the Schedule C form and the information may not always apply to a small business. The Form 1120 is separate from your personal income tax return, which is the biggest disadvantage.
- Gather Business Records. When utilizing an excel spreadsheet or a program similar to Quickbooks, many online tax websites permit direct imports of earnings and expense information into your tax return.
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- Pay Attention to Deadlines. Different forms have different deadlines – a Schedule C becomes part of the Form 1040 and does not have a separate filing deadline; it is generally subject to the normal April 15 deadline for personal income tax. File the Form 1120 by the 15th day of the third month following the close of the tax year, which for most taxpayers is March 15. The IRS will not accept this form with your personal income tax return.
Take advantage of the many online tax programs, like TurboTax! They make paying your taxes quick and easy and are a great tool for busy business owners!
