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5-Step Guide to Preparing to File Your Business Taxes

As tax season approaches, it's the time of year when business owners start to feel anxious from the pressure of not only filing their taxes but possibly owing large amounts to the IRS. With a never-ending list of financial documents and receipts, it’s easy to feel like you are missing something important. But don't worry, as a firm specializing in business tax preparation and planning, we are here to help guide you through the often confusing and frustrating process of filing your business taxes.

As tax professionals, we understand that many business owners may not know where to start when preparing to file their returns. This is why we have created this 5-step list to help clarify the process of filing your tax returns so you can spend more time doing what you love and less time worrying about income taxes.

Business Owner

1. Gather Tax Documents and Forms

First things first, let's talk about gathering all the necessary documents. This can feel like trying to find a needle in a haystack, but instead of a needle, it's a W-2 and instead of a haystack, it's a digital pile of data hidden in thousands of unread emails and forgotten passwords. Make sure you have all of the necessary documents to file your taxes, including W-2s, 1099s, and any other standardized forms. Many of these forms can be retrieved digitally either through HR portals through your work or by logging into online banking.

2. Review Last Year's Return

Next, we recommend reviewing last year's return. Reviewing last year's return can help you identify what information is most important so you know what to focus on. This will also help you to be prepared for any questions that may come up during the tax preparation process. Plus, if you find any mistakes, you can file an amended return and get a refund. Who doesn't love getting a refund?

3. Track Your Business's Income and Expenses

Keeping track of your business’s expenses can feel like a game of Tetris, things start out easy but get more complicated as time goes by. It's important to keep track of all of your business expenses throughout the year, including things like office supplies, travel expenses, and employee benefits. This will make the tax preparation process a breeze and help you take full advantage of deductions. Most businesses keep track of their income and expenses through bookkeeping services like QuickBooks but a well-organized excel spreadsheet could work just as well. Some apps like QuickBooks can also help you keep track of your business miles as you drive throughout the year.

Organizing Tax Documents

4. Organize Your Records in One Place

Organizing your records is like Marie Kondo-ing your closet, it may take some time but it's worth it. Organizing your financial records and documents will make the tax preparation process much smoother. Keep all your documents in one place and make sure they are easily accessible. A huge perk of working with us at Ryan Beals CPA, PLLC is having an online portal to help keep documents organized. Our clients can send and store important tax documents that can be retrieved online at your convenience.

5. Seek Professional Help if Needed

Last but not least, seek professional help. If you're unsure about any aspect of your taxes, it's best to seek professional help. We're like your trusty sidekick, we're here to help you navigate the tax season. Plus, with our expertise, we might even be able to find some deductions you didn't know existed helping you save money on your tax bill.

By following these tips, you can ensure that you are prepared for tax season and can file your taxes with confidence. Remember, it's always better to be proactive than reactive. If you have any questions or concerns, please don't hesitate to contact us. We're here to help you through the tax season and beyond.

We are a CPA firm specializing in business tax planning and preparation. We help businesses lower their income taxes through tax planning. We are fully virtual but love helping our local clients in the League City, Friendswood, and Webster areas. If you would like to learn more about we can help, you can schedule a free online consultation by visiting or following the link below.

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