How To Clear The Decks For Tax Season 2019 - PowerPoint PPT Presentation

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How To Clear The Decks For Tax Season 2019

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If you want to pass the tax season without any trouble then you can follow the tips in this article. Make tax season a pie with these tips. – PowerPoint PPT presentation

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Title: How To Clear The Decks For Tax Season 2019


1
How To Clear The Decks For Tax Season 2019?
2
Most of the small business owner wears many hats
and one such hat is of accounting and bookkeeping
3
Between day to day operation of marketing,
management, and other tasks, taking time out for
tax seasons becomes quite difficult.
4
So, you should start preparing for the tax season
through these tips right now and dispel the
hassle.
5
Garner your records
You must have heard from many tax experts and
business owners that you will need lots of
paperwork for filing tax and thats true. In
order to get the right idea about the type of
papers you will need for filing taxes, you can
visit the IRS website and get the required
information.
6
Know the forms you will need
Every state and industry has different tax
requirements and therefore the tax forms vary.
But here are the most common tax forms-
  • 1099- This form is given to an independent
    contractor which you have hired for your company.
  • 1065- If you are dealing with a small business
    which is in partnership then you will need to
    prepare the form 1065 as well.
  • 1120- If you have an S corporation business, then
    this form becomes a necessity for you while
    filing taxes.

7
Understand the deductions you deserve
You have worked very hard for the whole year and
running a small business is quite a costly
affair, therefore, the government gives tax
deductions to businesses on various parameters
which keep changing with the passage of every
year.
8
USE AUTOMATION
No business likes the tax season, but nobody can
avoid it as well. So, rather than feeling
stressed for the tax season, you should start
preparing for it from now and make it as smooth
as possible.
9
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10
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