There are only several things as constant as taxes in the world. More specifically, of filing and paying them. Now that you are running a business, too, you need to make sure that you do not only file them on time but that you follow the best practices so you can be prepared come tax season.
Of course, the sure way to go about this is to work with a provider of tax, accounting & bookkeeping services in Whitehall, Ohio, or wherever you are in the state. Doing so gives you the guarantee that you can apply the best practices in place, timely and properly.
In any case, as your trusted tax services in Ohio, let us at Damawa Tax & Accounting Services, LLC get you started by walking you through some of the basics you must know:
Prepare ahead and report all your income, no exceptions. Remember that the IRS gets a copy of the Form 1099-MISC that you are supposed to fill out, so skipping one or two of your income will be a sure red flag for the IRS.
Separate your business expenses from your personal ones. This may seem like a basic thing to do, but you would be surprised with how many fail at this. A provider of accounting services can ensure this for you. You can rest assured that the hard-earned money you spent on your dream car won’t be charged to your business.
Hire a reputable payroll services provider. The process of payroll is complex—you need to make sure that you calculate the amounts deducted from each paycheck of every single employee properly, make paycheck deposits ahead, and meet crucial deadlines for filing taxes every quarter.