Time seems to be flying by this year, as we are already in the month of March and tax season is coming to a close relatively soon. As a small business, staying ahead of the curve and on top of your finances is a necessary step for success. With tax season wrapping up soon, your HWB Services professional would like to take a look at some important steps you may need to accomplish before the deadline is up, and our team is here to help.
Keep in Mind the Deadline
In one of our previous blogs, we discussed the implications and effects of the COVID-19 pandemic, including its impact on filing for taxes and setting a number of businesses behind. This year, the IRS announced that the start of the season would be put off for two weeks, however, that there was no intention of extending the season either. What this means for you as a small business, is that the normal window for filing for your 2020 taxes has been shortened, and that time plays even more of a crucial role. With April 15 just around the corner and other possible hurdles or parameters that need to be met depending on your business, it is imperative to file before it is too late.
What You Will Need
Ensuring that you have everything you will need for your CPA before you begin the process can save you significant time and hassle. Online bookkeeping platforms such as QuickBooks can make locating important files and documents easy and convenient if managed properly. On the other hand, a bogged-down system with multiple displaced files can be a nightmare to manage. With the help of a bookkeeping pro and monthly maintenance, we can ensure you get the most out of your software and accessibility to files at the click of a button.
When it comes to filing your taxes, knowing exactly what you need to file is of the utmost importance. Factors such as personal information, asset information, income and expense records, payroll data, your previous year’s tax forms, among other items are crucial to have in arm’s reach when working with your CPA to file.
How Our Team Can Help
Being a small business, requirements may be different for filing taxes. Having a bookkeeping professional on call to help you through the nuance of the tax realm can be a lifesaver, especially when working with a shorter time frame than usual. What’s more, we can work with you to ensure your QuickBooks is running optimally and efficiently with routine monthly maintenance or a cleanup, if needed.
Talk to HWB Services
For more information about what to have prepared as this tax season comes to a close and how we can help, contact HWB Services by calling 214-273-6599 to speak to our team today.