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A Small Business Owners Tax Guide

A Small Business Owners Tax Guide Whether the pandemic forced you to rethink your business model, start a new business or borrow from the PPP, here are some tips for filing this year by May 17. May 6th, 2021 iStock The tax filing deadline is quickly approaching. Due to the pandemic, most businesses have until May 17 to file their returns this year. In a perfect world, you’d be thinking about tax prep year-round, keeping records organized to help ease your burden, mentally and financially, come tax time. But 2020 wasn’t a perfect year. Whether the pandemic forced you to rethink your business model, start a new business or borrow from the Paycheck Protection Program, here are some tips for filing this year.

A tax guide for small-business owners | iNFOnews | Thompson-Okanagan s News Source

Kelsey Sheehy Of Nerdwallet May 06, 2021 - 4:10 AM The tax filing deadline is quickly approaching. Due to the pandemic, most businesses have until May 17 to file their returns this year. In a perfect world, you’d be thinking about tax prep year-round, keeping records organized to help ease your burden, mentally and financially, come tax time. But 2020 wasn’t a perfect year. Whether the pandemic forced you to rethink your business model, start a new business or borrow from the Paycheck Protection Program, here are some tips for filing this year. TAX PREP BASICS 1. KNOW YOUR DEADLINES Taxe filing deadlines vary depending on business entity type . This year, for example, the deadline for corporations was April 15, while sole proprietors have until May 17 to file.

A tax guide for small-business owners

TAX PREP BASICS 1. KNOW YOUR DEADLINES Tax filing deadlines vary depending on business entity type . This year, for example, the deadline for corporations was April 15, while sole proprietors have until May 17 to file. Other tax deadlines include estimated tax payments, which are due quarterly, and payroll taxes, which are deposited monthly or semiweekly. 2. GATHER YOUR FINANCIAL RECORDS Pull together your financial records before starting your taxes. That includes payroll documents, income statements, depreciation schedules, bank and credit card statements, and receipts for large purchases . You’ll need this information to complete your business tax returns. 3. COMPLETE THE PROPER TAX FORMS

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