2020 is just around the corner – and so is tax season! Getting ready today to file your federal tax return next year is one of the best ways to prep your business for success in 2020. The IRS has many resources for small business owners on their website, from webinars to articles to checklists. Here are a few of our favorites:
Guides and Checklists
- Steps to Take Now to Get a Jump on Next Year’s Taxes
- Get Ready for Taxes: Important things to know about tax credits
- Taxpayers can start to get ready now for filing their taxes next year
- Taxpayers can take steps now to get ready to file their taxes in 2020
- Get ready for taxes: Important things to know about refunds
- Four common tax errors that can be costly for small businesses
A small business owner often wears many different hats. When tax season comes around, it might be their tax hat. They may think of doing their taxes as just another item to quickly cross off their to-do list. However, this approach could leave taxpayers open to mistakes when filing and paying taxes.
Accidentally failing to comply with tax laws, violating tax codes, or filling out forms incorrectly can leave taxpayers and their businesses open to possible penalties. The IRS encourages small businesses to explore using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – to help with their tax situation. Filing electronically can also help avoid common errors.
The IRS holds several webinars throughout the year for small business owners. These are a great, free resource from tax experts that you should explore.