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Tax Year 2023 Corporate/Individual Tax Returns

Preparing for 2014 Small Business Tax Filings

Posted by Ann Irons, CPA

Dec 25, 2014 11:00:00 AM

small_business_tax_questionsAnyone who pays taxes may feel the crunch during the few months leading up to tax season. For small business owners, however, that crunch can feel more like a crushing weight, comprised of worry about what to do and apprehension about making a mistake doing it.

With a specialty in personal and small business tax preparation, I enjoy helping people and companies navigate the complex waters of tax codes and laws. Since they can change every year, having a professional manage your small business taxes could significantly lighten your worries so you can focus on the continued success of running your company. 

As a small business owner, is it preferable that I do my own taxes?

Many individuals file their own taxes, and some are pretty adept at it (even though they would still benefit more from having a tax accountant do it for them). However, preparing and filing taxes for a small to mid-size business is infinitely more complex. Aside from what you’ve earned and what you spent, you must also account for: • the particular codes and laws that apply to your specific business and company size • all of the deductions your business qualifies for • payroll taxes, and how they apply according to the number of people you employ • and how to prepare and plan for the next year Without expertise and experience, you could be a higher risk of making a mistake, which can also have more serious consequences than mistakes typically made on personal taxes. 

If I used company funds for personal use, should I count them on my personal or business taxes?

As a general rule, you should never commingle your personal income and expenses with those of your company, which can make it more difficult to accurately account for both. If you have used business funds for personal use, or vice versa, throughout the year, then I strongly advise seeking the help of a professional accountant to avoid mistakes. 

How can I simplify the process next year?

Keeping track of receipts and expenses, refraining from commingling your personal and business funds, and maintaining a close eye on your books throughout the year will keep the process of tax-filing much simpler. Besides tax preparation, we also work with businesses across the globe to streamline and maximize the financial aspect of their companies, and we can offer the same expertise to make your tax time easier every year.

Topics: Small Business Tax

About Ann M. Irons, CPA LLC

ann_irons_head_shotAnn spent over 25 years in the financial service industry, gaining knowledge and experience that allows her to provide an array of tax, bookkeeping, and accounting services for her clients. Relying on a stringent code of ethics and a dedication to maintaining the highest industry standards, Ann works hard to ensure her clients receive the quality service they’ve come to expect. A member of AICPA and MSCPA, Ann has also had an article featured in the renowned publication, Banker and Tradesman. 

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