You found a tax preparer who understands small business tax returns, whether you function as a sole proprietor, LLC, or corporation, and you filed both your business and personal tax returns. Now, you’re ready to focus on the other aspects of your business for the rest of the year, right? The truth is, when you own a small business, there are tasks you need to complete throughout the year to stay on top of your small business taxes and finances. If you’re feeling overwhelmed, these tasks can be easily outsourced so you can really focus on your business. Find out about other tax services for small businesses that your tax preparer can help you with.
Incorporating the Small Business
If you’re just starting your business or looking to expand into an S-Corporation, a good tax preparer can help you get incorporated. They will guide you through choosing a business name that isn’t already taken, filling out your Articles of Incorporation and Statement of Information, obtaining a business license, and anything else you may need to get the ball rolling.
Small Business Bookkeeping
Once you’re up and running, the most important thing you can do for your business is keep good records, but as a small business owner, you already have so much on your plate. A good bookkeeper can be the difference between a chaotic tax season of sorting through piles of paperwork or a quick, efficient trip to your tax paper with your detailed profit and loss statement. Paying someone else to do the bookkeeping on a monthly or quarterly basis could actually save you time and money, and free you up for other important tasks.
Payroll
Even if you’re just paying yourself, you still need to stay on top of the payroll process, which includes issuing checks, staying up to date with monthly and quarterly payroll taxes, and organizing your year-end taxes. Like bookkeeping, this is a job that is easily outsourced with minimal cost to you. Having someone else deal with the details of payroll will feel like a weight has been taken off your shoulders.
Issuing 1099s
If you hired any contract labor throughout the year and paid any of those people more than $600, you are required to issue them a 1099-NEC for that year by the end of January. The 1099-NEC reports how much you paid someone so that person can accurately report that income on their personal tax return. If you want to make sure it’s done correctly and on time, you can hire someone to complete all of the paperwork for your small business.
As a small business, your budget may also be small, but outsourcing the above tax services for small businesses can actually free up your time so that you can focus on making a bigger profit. If you want to know more about how Moore & Paquette Tax Group can help you with these services, reach out to us today.
Please note that tax laws change often and you should always check with your tax preparer to the most up-to-date information.