Tax season can be exciting for some. Everyone likes it when refunds come in, putting hard-earned money back into their pockets. Yet, for others, tax season can be daunting and frustrating. Learning how to fill out the tax forms, crunching numbers, and making sure that all directions are followed can be stressful. No one wants to make a potentially costly mistake when filing his or her taxes, landing him or her in a whole mess of trouble with the IRS. Finding experienced professionals who can do your business tax return in Weymouth, MA can make your life infinitely easier.
Why Should I Hire a Professional When I Can Just File Myself?
Hire a professional when it comes to taxes, especially those related to your business. Those who offer an abundance of experience can help you navigate all of the forms and ensure that your taxes are done correctly. Tax professionals can help you understand your financial situation, check for possible rebates, and look for exemptions that you might qualify for, all while maintaining accuracy. They can also ensure that your business tax return is completed in a timely manner.
Considerations for Your First-Time Filing
If this is the first time that you are filing a business tax return, there are some considerations you need to make. The first is if you want to file your taxes on a cash or accrual basis. Cash means that any income gets recognized when it comes in and is earned. Expenses are only counted when they’ve been paid. Accrual means that income is recognized when it gets earned while expenses are recognized when they’re brought about. Filing under an accrual basis might be smart for a first-year business because it allows more room for deductions if expenses exceed the amount the business has profited.
Additionally, business owners need to pay taxes quarterly. One thing that some business owners may not realize is that they need to pay self-employment tax. This tax can be quite costly if not paid over time. Speaking with a tax professional can help you navigate your business taxes.
As tax season approaches, don’t be bogged down in fear. Call Dailey Tax and Insurance, Inc. at 617-472-8100 to provide your business with daily peace of mind. You can also visit them on Facebook for regular updates.
