• How to Claim Taxes as A Small Business Owner

    June 15, 2021
  • Man and woman in black aprons standing next to a navy-blue door with windows and a business open sign hanging from the door

    So, you have opened a small business, and it’s finally time to file your taxes. Depending on the type of business you are running, and the partners involved, there are many ways that you can file your taxes to ensure all claims and deductions are distributed appropriately. While it may seem overwhelming at first, our tax professionals at JLW Tax & Bookkeeping Services are here to file your business’s taxes fast, efficiently, and at an affordable price.

    We handle everything from sole proprietorship businesses to large corporations with multiple franchise owners. Regardless of the tax services you need, we are here to ensure a smooth and reliable process for everyone involved. Keep reading to know the proper steps of claiming taxes as a business owner.

    Gather All Your Available Records

    As tax season approaches, start by gathering all your business records and begin placing them in a separate file that you can take you are your tax preparer. All these reports should consist of information pertaining to your business’s earnings and expenses throughout the year prior. If all your information is stored electronically, try building a spreadsheet to organize all your transactions and proof of income to make the process as easy as possible for your tax preparer.

    Choose the Correct Form

    If you plan on starting the filing process on your own, choosing the proper form is crucial to accurately present your taxes to the IRS. The first step is knowing which type of business you are running. Is it a self-built business that you are running from your home? Do you have multiple buildings and locations? Do you have multiple partners? All these specifications are important when it comes to choosing the proper tax form. If you are unsure of what form to use, we recommend getting in touch with one of our expert tax professionals to help you along the way. At JLW Tax & Bookkeeping Services we have years of experience and knowledge on how to file taxes as a small business owner. Call our office today for a free initial consultation.

    Get Help Filling Out Your Tax Form

    This is where we come in! We know firsthand that taxes can be tricky, and requirements for accurately filing your taxes can change every year, making it hard to keep up with. While websites like TurboTax are beneficial for individuals who have a small business with not many transactions or deductions, any business that makes a significant profit will need the help of a professional tax advisor.

    At JLW, we do everything from choosing the proper form to transcribe your business information accurately on your tax documents so that you never have to worry about making a mistake. Get your return in no time with professional tax services from JLW Tax & Bookkeeping Services experts.

    Carefully Review Your Tax Form

    Reviewing your tax form after it has been filled out completely is another important step in the filing process. Give your tax forms a thorough lookover before turning them over to the IRS to avoid any disturbances in receiving your yearly return. If you unknowingly submit inaccurate information to the IRS, they could come after you for tax fraud even after receiving your return. At JLW, we will look over all your tax forms together to ensure all information presented is correct before submitting them.