Tax Season Is Coming

If this was your first year in business, your first business tax return will be an eye-opener. I predict it will be more than double the complexity of what you had to file before as an employee. If you have been using QuickBooks and have the time and inclination, perhaps you can prepare your own business tax return. But if you don't have financial accounting experience, I highly recommend you find a good tax preparer. The person you choose doesn't have to be a CPA, but do yourself a favor and hire an Enrolled Agent (EA). These individuals have qualified with the Internal Revenue Service to represent taxpayers in IRS proceedings. Most of them have passed a written IRS exam and a background check to become an EA, although people with substantial IRS experience may also qualify.

A good resource to familiarize yourself with the terminology you'll need when you talk with your tax preparer is Your First Business Tax Return. (Tip of the hat to Scott Allen.)