It’s tax season and most households are gearing up for another aggrevating period in their lives where they have to mentally account for what they’ve spent or saved and what’s going to come of it once their accountant files their papers to the IRS.
This is the same for businesses and GoDaddy.com has some tips for businesses, big or small, to follow when preparing to file their taxes.
Here are some helpful tips:
When are business taxes due for different types of companies?
To get an idea of what payments are collected by the IRS from businesses on a month-to-month basis, take a look at its tax calendar. Then, start to determine what you might personally owe and when based on the type of business you own.
Common mistakes when filing business taxes
Now that you know when business taxes are due, it’s important to learn how to submit them correctly so you avoid penalties. There are a few common mistakes businesses make when trying to meet filing deadlines and preparing for tax returns. These include:
Not including all forms: Make sure that when you send in your tax forms, you include all of the related forms and schedules. If you don’t, you could face late-filing penalties.
Not talking to your accountant early enough: Trying to throw together a return in a week or few days could lead to costly mistakes. Be brave and trust your tax professional.
Not reviewing all the figures before filing: A mistake could lead to penalties, additional taxes (due to deductions being missed), or a time-consuming audit.