(BPT) - While tax filing can often be tedious and complicated as a salaried employee, the process can be even more difficult as an entrepreneur or small business owner. From getting all of the paperwork in order, to ensuring books are up to date, to knowing what to file for … It’s no wonder why many understandably procrastinate starting the process of filing to avoid the headache for as long as possible. As we near the deadline for many LLCs and LLPs to file their taxes on March 15, there are a number of ways business owners who have not filed yet can manage the final stretch.
Maximize your deductions
Making the most of the deductions available to you and your business can put more money in your pocket. This can include expenses related to business operations, like home office supplies, equipment purchases, rent, employee wages, and more. You’ll want to have these expenses reflected on your income statement, which will lower your income taxes. Ideally, you should be tracking these expenses throughout the year, so they’re easily pulled into your filing. If you haven’t done this, make sure to make a note to start doing it now to get ahead next year.
Tap the tools at your disposal
Thirty-seven percent of small businesses report that they struggle with feelings of anxiety and confusion about how to file taxes — one way to reduce this stress is finding tools that can streamline your experience. With so many nuances and rules that apply to small businesses, tapping a resource that can guide you through filing with confidence can be a huge relief. TurboTax Live Business is an easy-to-use solution that uncomplicates the tax process for small business owners filing as an S-corp, partnership, LLC, or sole proprietorship. The two tracks offered through the platform, Assisted or Full Service, provide options for those that need a guided experience with live tax expert support, or would like to simply hand everything off to an expert. Leveraging solutions like this can ease the tensions around tax time and instill trust that you filed accurately. TurboTax offers a 100% accuracy guarantee and audit protection to its Small Business customers.
If you need an extension, file now
After all is said and done, if you’re finding yourself needing more time to get your books together and ready, an extension can be filed. Take a look at the IRS website for more details on how to file for an extension ahead of the March 15 deadline. Solutions like TurboTax Live Business can support your extension filing, either on your own or with the support of an expert, at no cost to you. Take caution, though, if the March 15 deadline is missed, no extensions can be filed and you’ll be subject to a hefty monthly penalty from the IRS until you file.
Don’t let tax time feel daunting. With the right knowledge, tools, and organization, this stressful experience has a light at the end of the tunnel. To learn more about TurboTax Live Business offerings, see here.