Preparing for Tax Time

It's that dreaded period when you hope you have kept all the documents, receipts and stuff necessary to file your taxes by April 15.

Money & Credit

Preparing for Tax Time

It's that time of year again … tax season. If you've procrastinated getting taxes filed, don't delay any longer. Here are tips on getting started - what you need, where to get answers and how to hire an accountant if you haven't already done so.

To help you prepare, we combed the Internet for suggestions on how to make the process a little bit easier this year and maybe even into the future.

If you aren’t already working with an outside accountant, now is the time to consider doing so.  Many small business owners believe they can save money by doing their taxes themselves.  Often, they actually leave money on the table, so to speak, because they didn’t truly understand the tax code.  This story details four common tax mistakes small businesses often make.

Not knowing who you owe taxes to is the number one error, and it is worth your time to review the rest.  (And, if you think an accountant can’t help you, you need to check out the many ways one might help your practice thrive.)  But if you’re open and ready to hire an accountant, here are some things to consider.

To prepare for your annual tax filing, you may have gotten a list of information to pull together before your filing appointment.  If you haven’t, here are some things to consider:

  • The top five documents your accountant needs for taxes. This includes information about whether you use your vehicle for business or maintain a home office.
  • Need just a list of information, H&R Block® put this no frill, complete list of required information together for small business owners.
  • The Small Business Administration put these tax tips together, as well.

Finally, one of the best resources for tax questions out there is the IRS website. From tax tips to forms and publications and everything in between, the IRS website is user friendly and has the answers to your questions. You can look there for any changes that impact small business owners for this tax year, including the Affordable Care Act and changes in Section 179 Tax Deduction, which allows you to write off equipment in the same year it was purchased.

I hope that a refund is coming your way. Happy Days!

The information in the NCMIC Learning Center is offered solely for general information and educational purposes. It is not offered as, nor does it represent, legal or professional advice. Neither does this information constitute a guideline, practice parameter or standard of care. You should not act or rely upon this information without seeking the advice of an attorney familiar with the specific legal requirements of the state(s) in which you practice. If there is a discrepancy between the site and an insurance policy you have with NCMIC, the policy will prevail.