The business tax preparation experts at Perth have designed this checklist to help you save as much money on your taxes as possible in the most hassle-free way. Below we cover a couple of the important checkpoints you want to consider when filing your small business taxes and if you don't have any idea then can hire tax preparation services in Perth.
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Confirm Your Filing Deadline
The first thing you want to do is figure out exactly what your tax filing deadline is for the type of business you are running.
At the same time, small businesses registered as partnerships, multimember LLCs not taxed as a corporation, and corporations have a different tax filing altogether. These kinds of businesses need to file their taxes by March 15.
Get Your Records Together
Financial records can include balance sheet information, income statements, full documentation of all your business receipts, credit card statements, loans, and more should be printed out, organized, and ready to go to your tax preparers, too.
Leverage ALL Eligible Tax Deductions and Credits
One of the biggest advantages of hiring small business tax preparers is that they know exactly how to find all of the eligible tax deductions and credits you may legally leverage – including tax deductions and credits you may never have known even existed otherwise.
Filing an Extension or Need More Time to Pay Your Tax Liabilities?
Finally, your tax preparers should be able to help you file an extension whenever necessary or work directly with the IRS to extend your payment timeline.
These are both things you could have done on your own, sure. But entrepreneurs are busy enough as it is. Most don’t need another critically important responsibility thrown on their plate in the middle of tax time.