Preparing for the upcoming tax season: Resources for small businesses
While the tax season is quickly approaching, many entrepreneurs may be wondering about new changes to filing taxes or the best software to utilize in order to stay on top of their fiscal responsibilities.
Below you will find a list of resources that can help you file your tax returns and stay on top of your fiscal responsibilities.
Your tax obligations may vary, from the size of your business to how much income you earned the prior year. If you don’t have an accountant or can’t afford one, finding the best tax software may seem like a daunting task. Here are some commonly used tax software options for you to consider.
- TurboTax: Fairly intuitive and inexpensive option to file your tax returns.
- FreeTaxUSA: Federal tax returns are free. Small business owners may need to pay for state tax returns, and to gain access to additional tax support.
- Volunteer Income Tax Assistance (VITA): VITA programs can help self-employed workers by providing free tax preparation services in order to find more tax write offs that apply to their situation. You can also work with an online VITA program or file your taxes for free at GetYourRefund.org.
- QuickBooks ProAdvisor: Using QuickBooks, small business owners may be able to find a local accountant to help them get started on their tax returns. Accountants and tax professionals are rated to help you get a better understanding of their expertise and competence.
- For additional options, you can see this quick guide of software options available to small business owners.
Get in touch with the Internal Revenue Service (IRS)
The IRS is hosting online meetings to connect with small business owners and business organizations in March, with special attention to those that offer services in languages other than English. The online meetings will help answer questions around income, deductions, employment taxes, recordkeeping, and much more. To sign up for a meeting with an IRS specialist, visit here.
Don’t forget about pandemic-related tax incentives
Entrepreneurs may be eligible to receive tax relief as they continue to recover from the COVID-19 pandemic. The federal government continuously changes some of these deductions, so be sure to check with your tax professional or check out this website. You can learn more about the Employee Retention Tax Credit here.
Frequently asked questions
The IRS has put together a comprehensive guide to solve your most frequently asked questions about your fiscal responsibilities, changes in your personnel, and much more. Get your answers here!