Some business owners are pulling their hair out because of April 15. What me, worry?! It is way too late for that.
You must submit your tax information to your CPA/tax preparer as soon as you can, especially in the first quarter of every year. This is truly a busy season where quarterly income taxes (period ending March 31) and annual income taxes (for prior year) are due within two weeks of each other. The CPAs are swamped! Make life easier on yourself by being proactive. You may also save money, because CPAs do charge by the hour.
Make a plan to be organized.
1) In January, make a checklist of everything (receipts, bills, etc) that needs to included in the package to be sent to your CPA. Share this list with your CPA to ensure that you are on same page.
2) Include all tax payments made (Quarterly federal and state income taxes, Payroll taxes)
3) Send an electronic file (if using Quickbooks, the accountant’s file) of all transactions for the prior year.
4) Find any and receipts for items that may reduce taxable income (travel, medical, dues, conference fees)
5)Make copies of everything before you send to the CPA. [Things get lost; cover your a$$]
If all else fails, then file for an extension. Don’t let foolish pride get in the way. With the extra time, you minimize the risk of doing a bad job of doing your taxes.