Small business tax preparation and planning can be complicated and confusing. Not only do business owners have to keep their businesses moving on track as usual, but they are also responsible for going back to figure out all the things that are necessary to prepare a business tax return 2023. The stress can take a toll on both, the business and the business owner.
Steps for Filing 2023 Small Business Taxes
The first step to preparing business tax return 2023 is to get all your tax information in one central location, preferably both in hard copy and online – but at least in one form or the other. This will include collecting business income and expense records. The better you can organize, the more you will maximize the chance that your tax filing will be accurate.
It’s imperative that you comply completely with all tax reforms. Filing 2023 small business taxes are different from it was in 2022. Ignorance is no excuse. If you don’t know tax laws and procedures inside and out, it’s best to hire a local Florida tax professional who does.
To accurately prepare your business tax return for 2023, you’ll need to figure out your assets and your liability. The manner in which these are figured will be determined by whether you file annually, or by the quarter. Gathering all the figures and coming up with accurate totals can be quite a task. If you hire a local Sarasota tax professional, your life at tax time will be a lot easier and you are likely to come out much better financially than you will doing the work on your own.
Your taxes will be much less stressful and easier to afford if you estimate your tax amount and pay ahead of time. By paying a projected amount each quarter, you’ll save yourself the big hit of the dreaded tax day deadline.
You will need to determine if you qualify for certain deductions and benefits. The latest in tax changes in 2023 is that sole proprietors are eligible for some nice deductions. There are other status changes as well. Determining if you qualify for “pass-through status” or any other ones are wise and if you don’t, you may be able to make some changes that will allow you to. A professional in the tax industry can give you solid information and advice on the subject.
Not only do you want to plan what you’ll do on your 2023 tax filing, but you’ll also do well to plan ahead for 2024 taxes. Pre-planning write-offs can give you the upper edge for the upcoming year. A local Florida-certified public accountant is highly skilled in doing such projections.
Tax time can be grueling. But, it doesn’t have to be. If you’ve been searching for a CPA tax preparer near me and live in Florida, feel free to reach out to the experts at Complete Small Business Solutions. If you want to hire one of the best local Sarasota accounting professionals or find out how we can help, we are here for you.