Due to COVID 19, Tax Day was moved from its usual day on April 15th to Wednesday, July, 15th. Estimated 2020 tax payments for April and June are postponed to July 15th.
Do you have your 2019 bookkeeping complete and ready so that you can file your taxes
How about your 2020 bookkeeping so that you are ready to make your estimated 2020 tax payments in prep for Tax Day?
What Information Does Your Business Need to Begin Your Taxes in Prep for Tax Day?
Remember you will need to have the following business information in order to begin your taxes:
- Total Sales
- Expenses for going into business
- Business expenses
- Advertising and advertising consultants
- Insurance: Business, Health, Life, Disability, Inc.
- Employee/contractor payments
- Legal and Accountant fees
- Charitable contributions
Understanding Your Tax Requirements
When completing your own taxes, it’s essential to clearly understand your tax requirements.
The tax code is approximately 70,000 pages long, making it understandable why small business owners have trouble navigating it. If you are doing your own taxes the government expects you to comply with any and all tax obligations, even during a pandemic.
This includes understanding what expenses qualify as business expenses and when tax payments need to be made. The schedule alone varies depending on your tax entity, income, and the amount you owe in taxes.
If your bookkeeping and tax preparation is something you dread, you are not alone, many entrepreneurs feel the same way!
So much, in fact, my company even offers a service we have labeled ‘catch up’. Where we ‘catch you up’ on your bookkeeping. We input all your previous year’s transactions into a QuickBooks account.
While we are happy to help in those types of situations we would rather walk beside you in your business’s finances throughout the year. We are passionate about helping entrepreneurs by taking accounting off their plates, get confident about their bookkeeping, and finally understand their financials.
So much so that we want to extend you a special offer on your first year of bookkeeping services with Kickstart Accounting. Many business owners mistakenly think the cost of outsourcing bookkeeping services is far greater than it really is.
To claim a discounted rate schedule a call with me and use code KICKSTART2020!