As tax season for 2017 closes, it’s hard to believe that it’s already time to start thinking about next year’s taxes. As a business owner, taxes are something that needs to be worried about all year, which can be stressful. Luckily, there are tax preparation services in Plantation that can help make this year easier.
Small Business Checklist from Tax Preparation Services in Plantation
As a small business owner, there are a few things that you’ll want to be sure to keep, to make tax season 2018 more relaxing. First of all, it’s important to keep gross receipts, or receipts that are from sales and services. Sale records are also necessary, as well as returns and allowances. If you have any other types of income outside of the business, it’s crucial to keep ahold of those documents too.
If you’re a business that sells physical goods, you’ll want to keep track of all of your inventory and inventory purchasing. That means anything that goes out of your store and comes into your store. If you have any items that you’ve removed from the store for personal purposes, go ahead and keep a record of that as well, just in case. As a business owner and operator, there are many materials and supplies that you’ll need throughout the year. For the most part, these are deductibles and should be carefully accounted for to ensure that you can receive a bit of a tax break.
Those deductibles are called expenses, which may also include meals, trips, hotels, airfare, taxis, and Internet if you’re someone who travels for work. Additionally, you’ll want to include office rental costs, professional fees, insurance fees, wages you pay to your employees, and any other expenses that need to be paid for to successfully run your business.
If you’re looking for tax preparation services in Plantation, you can never start too early. At Advanced Tax Advisors, we’re here to help small businesses resolve complicated tax issues, analyze data, and make sure that you’re adhering to all of the correct tax laws so that you avoid any trouble down the road. We offer accounting services that are unparalleled, and we know that we can help make your business run smoother. Call us today at (954) 888 – 6941 to see how we can help you take your business to the next level!