These include expenses for insurance, overhead costs, supplies, professional fees, and utilities. Know that the deadlines and forms are dependent on the specific business entity that you have used to structure your business.Ĭollect all business records regarding business income.Īssemble all documentation for business expenses. Get all the tax forms that you will need. Then, plan to do all the preparation work so that the efforts are not rushed. Understand and commit-to all the appropriate deadlines. These helpful tips for preparing your small business taxes will get this important process accomplished to achieve the best results possible: Helpful Tips for Preparing Your Small Business Taxes Accurate tax preparation and filing should be a priority every year. Probably more important, accurate reporting can reduce a tax bill, avoid penalties, and avoid collections. It is important to file your small business taxes correctly to receive a tax refund if one is earned. Why it is Important to File Your Small Business Taxes Correctly Filing small business taxes can be a productive and even pleasant process if it is approached in the right way. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs.The tax preparation season may be a stressful time for small business owners. These ads are based on your specific account relationships with us. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements.Īlso, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. If you opt out, though, you may still receive generic advertising. If you prefer that we do not use this information, you may opt out of online behavioral advertising.
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