Tax season feels like impending doom for a lot of people. The process is overly complicated, if you're going to gain anything from it you need to keep perfect records, and you can get audited for one simple mistake. This apprehension is only doubled if you run a small business and tripled if you're just starting out. Getting returns on your investments and expenses can be incredibly rewarding, but where do you even begin? Thankfully, this need for guidance created the tax relief service industry, and now there are a number of resources people can pull from.
This video gives a simple couple of steps to follow when you're filing taxes for your business. As well as a few disclaimers to keep in mind during the process.
Knowing what kind of business you're running is a vital first step. Many people starting out will fall into sole proprietor or partners role, whereas more developed business groups could fall into the multimember LLC category. It's essential when working within a partnership or LLC to keep very close records of each individual's relevant expenditure and income. Missing info could be evidence of embezzling or fraud, and you don't want that linked to your accounts or name in case it's intentional.