Get Ready. You're Filing Your Own Business Taxes!

Here are some steps to take when filing your own business taxes:

• Determine your filing status. How is your business structured? Sole proprietorship, partnership, LLC, C corp or S corp? You'll need to know this to determine which forms you'll need.
• Get your business records together. Make sure to grab last year's tax returns, your Employee ID #, financial statements from last year, as well as receipts and expenses.
• Make sure your bookkeeping is up to date. Categorize and record every business transaction from the previous year, reconcile your books and bank statements and record all of your expenses!
• File tax forms for your employees and/or contractors. If you paid any contractors more than $600 in the calendar year, they'll need to submit a W-9 to you, which you'll use to fill out your 1099's.
• Use your resources. The IRS provides the forms and guides you'll need to file. Find more info on the IRS.gov website here.