The economy has been recovering slowly but surely, so a lot of new businesses have popped up in 2014 from people seeing a little more prosperity in their lives. Yet it is early 2015, and the need to file taxes has come around again. So what if someone started a business in 2014? What are some essential tax tips they need to know going into this next year and to help set them up for a prosperous 2016 as well.
Pre-Pay Set-up
There are various levels of taxes, and the big federal one comes in at the end of the year. But small businesses need to assess monthly taxes that are organized throughout the year. A CPA in Yorktown should help set up a pre-payment for 2015. This will make filing in 2016 far more reasonable, and will minimize any kind concerns with the IRS. One common issue is the payment of remit sales tax on multiple different schedules. Organizing prepayment across the board will consolidate all these for more organized payment.
All Bounced Checks in One Document
Any check that did not clear on either the customer or on the business owners end can add up over time. These checks need to be organized and verified in a separate area so to reflect a consistent sales tax payment. It is important to verify that all checks have been cleared, and any that are not are provided to the CPA in Yorktown, such as Carmines Robbins and Company PLC. Some individuals have unbalanced records to the checks that were not cleared out properly and not accounted for on either end. This could upset the tax payments and leave a business owner paying for money they never received.
A lot can be said about sales tax certificates. This includes keeping them updated as well as authenticated. Exemption certificates need to be updated yearly if the small business is not charging a customer for sales tax. Some jurisdictions have exemption certificates that expire after a number of years. But is always essential to review these documents to make sure they are covered. These sales tax certificates can overwhelm a new business owner not accustomed to the more detailed and overlooked areas of finance management.