From small beginnings come great things. But what if it’s time to pay your taxes for the small business you started from scratch? This is also an experience: an experience that everyone will eventually (hopefully!) have, and that one should have in order to overcome all the tax-related issues when it comes to them and their business.
Let’s not exaggerate taxes. Yes, taxes are complicated, but so are we. Why should we always complain about taxes, when we are complicated as well? This is something we should think about more often, since most of our problems occur just because we overestimate the power of taxes. For example, we thought that taxes are everywhere, and that we cannot avoid them. But here we are, offering you tax exemption services , as a result of which you may become exempt from paying Sales Tax forever. Who would’ve thought that we the people can circumvent the so-called complicated taxes? Right?
How to Prepare for Taxes?
Our clients, those who have formed a business with us, are always worried about their taxes. How they should prepare for the tax season, what factors should they consider, and what steps they can take to ease the process of paying taxes…
But first of all, let’s figure out the deadlines:
In USA, the deadline for last year was April 15,2020. It will be on the same day in 2021! Make sure you mark this day on your calendar. It would be better to mark it on both physical and online calendars so that you don’t forget!
Do It Online, But Don’t Forget About Traditional Methods…
They say if you’re not prepared for everything, you’re not ready for anything; and that’s completely true. As a businessowner, you should understand that businesses are being audited and inspected quite often, and your business is not an exception. If you want to have a legitimate business, you should be able to prove that you’re operating as legitimately.
For this, we all know that you have to show them all the receipts and documents that are needed during these audits. In our everyday practice, we see people who still have all the paperwork in paper; ironic right? Even though this is one of the best (and traditional) ways to have all the documents at hand, you should also have a plan B. What if you lose all that documents? What if your cat spills coffee on them? You never know! So, you can always have their online version in your phone or computer. This is not only faster, but also more efficient, and of course, eco-friendly! It’s always a good idea to have a portable scanner at home!
If You’re an eCommerce Seller…
You should pay Sales Tax! If there are any sales taxes for which you have to pay, you should know everything about them: the exact amount of those taxes, why you should pay them, and what you did to spend money on them. However, let us remind you that you have a choice! If you want to circumvent Sales Taxes legally, just do that! Our tax exemption service is waiting for you!
What Can You Say about The Books?
The books… something may remind you of accounting, and you’re totally right! Everything should be not only up-to-date, but also well-calculated, and well-learnt (by heart!). If you know how much money you earn, and how much money you spent, what was the reason, and what other expenses you had throughout these years, you’re ready for filing taxes!
Do You Have Your Person?
If you feel you’re not ready to take the responsibility of filing your taxes, make sure you find a person for it. Pay attention to those whom you hire: they can either break you or make you (well not you, but your business for sure!).
A good accountant can help you file your taxes, and can help you avoid unnecessary fines and/or penalties that inexperienced business owners very often face! Sometimes it’s not even about having enough experience: even the most skilled and practiced business owners don’t want to waste their time on something that doesn’t generate income. Instead, they hire professional accountants for taxes, and work on the business themselves!
What do you think, are you ready to file taxes this year? If not, contact us for more information about taxes, tax exemptions, and small businesses: we are always ready to help.