Opening up a business is an exciting venture, but one that requires a lot of responsibility. Many people open up businesses every year, so it is doable to keep a company up and running. One of the hardest functions of being a business owner is getting your business taxes submitted and paid on time. It is imperative for businesses to keep up with tax deadlines in order to keep your business status active. In order to make sure that your taxes are filed correctly, you should seek assistance from one of the many accounting services available to you. Here are four documents to take with you on your visit to see an accountant for your LLC.
Your tax ID number
When opening an LLC, your tax identification number will be different than your regular social security number. A tax id number is assigned to your business by the IRS. Since an LLC is a separate entity, even though you own the business, it is imperative that you use the tax identification number assigned to your business for all business related accounts and business dealings. Be sure to take your tax ID with you when going to see an accountant so that they can look it up in the system.
All business receipts
Though it may seem tedious, it is a good idea to keep all business receipts, whether the receipt is for the drawing up of papers with your attorney or for a business trip that you took in order to invest in your business. Keep every business receipt in an electronic folder or in a physical folder and take these with you when going to see the accountant. The accountant will be able to look at your receipts and determine true income, business expenses, and eligible write-offs for your company.
Business losses can be hard to take, but it is important to take these to your accountant during tax time. Losses can be a number of things, including merchandise that was damaged and unable to be sold, to failed bids on projects that cost you money. Business losses can often be taken out of the taxes you owe, which will make your bottom line more viable for you.
Last year's taxes
Another document that people tend to forget when getting their taxes done is the previous year's taxes. The taxes from the last year will be the rubric for the new taxes. With last year's taxes, you will also be able to see where you grew and where your business took hits as compared to the last year. This will aid you in figuring out where your business is headed and how your numbers are stacking up as time goes on.Share