How to Prepare Your Business for Tax Season

Tax season doesn't have to be stressful. Follow this checklist to stay organized and prepared.

January - February

• Gather all income statements and receipts
• Organize expense records by category
• Reconcile all bank and credit card statements
• Prepare 1099 forms for contractors (due Jan 31)
• Send W-2s to employees (due Jan 31)

March

• Review financial statements for accuracy
• Calculate estimated tax payments
• Meet with your accountant or tax professional
• Gather documentation for deductions
• Review last year's return for comparison

April

• File business tax return by April 15
• Make Q1 estimated tax payment
• File extension if needed (but pay estimated taxes)
• Update bookkeeping for the new year

Year-Round Best Practices

1. Keep digital copies of all receipts and documents
2. Reconcile accounts monthly to catch errors early
3. Track mileage throughout the year
4. Separate business and personal expenses
5. Work with a professional bookkeeping service

Don't wait until the last minute. Contact SmartBooks Accounting today for tax preparation services.