Tax Tips!


Happy New Year – with the start of 2021 comes the closing of 2020 as a very very long chapter for many of us. As we turn the page we must reconcile the year before – you know what that means – TAXES. For many people the thought of paying taxes is daunting and overwhelming, but arming yourself with information can ease the tension of paying up to Uncle Sam!


5 Tips for getting through TAX season:


· Make a Plan

Of course this is step one, and we’re hoping to help you take the next steps with a

little less stress. Taxes are due March 15, 2021 (Partnerships - LLCs and S-

Corps) and April 15, 2021 for Sole proprietorships and C-Corps. Give yourself a

workable timeline to make sure you are getting payments to Uncle Sam on time (or

early)


· Remain Objective & Honest

Taxes are just numbers with laws applied to equal an amount owed to the

government. Leave the emotion out of it and take it one digit at a time. Make sure

you are fully transparent; your bank statements will be.


· Educate Yourself

Take some time to research your tax liability as it pertains to:

Federal Taxes

State Taxes

City/Municipal Taxes


· Get Organized

You will need records of your business expenses and earnings.

o Bank Statements

o Receipts

o Credit Card Statements

o Invoices

o Purchase Orders

o Mileage Information

Business EIN/SSN (sole proprietor)

The correct filing form (based on your business structure LLC, S-Corp,

Partnership, Sole Proprietor (visit www.irs.gov)


· Ask Questions – GET HELP!

Unless your day job includes the letters CPA – go get some help! Seek out your

local Small Business Development Council, S.C.O.R.E. Chapter, and other

business networks to find a great tax professional in your area. They are highly

trained and are ready to support you and your small business.


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