Business Owner Responsibility - Taxes
Starting your dream business was the first step. Keeping up with the day to day running of the business is enough to keep you on your toes. However, when the daily tasks keep you busy, you still need to look at the big picture. That includes TAXES.
Do it right the 1st time.
Keeping up with your bookkeeping monthly is the best practice. Eliminating stress by reconciling timely is the fastest way to get ready for tax season. This is often the first place that business owners fail. I get it. You’re busy but this is IMPORTANT. Running a business means performing all the tasks not just the ones you want to do.
Taking care of your people.
Getting your employees or contractors their W-2’s or 1099's efficiently is EXTREMELY important. Yep, again, part of doing business. Put on your big kid pants and have these out on time. If you are doing your monthly bookkeeping, it really isn’t much of a time stealer.
Tax Day is REAL.
Tax Day is an actual deadline, not a suggestion or goal. Happening every April, it’s a pretty regular thing. Barring any surprises, every business should be able to have their paper work ready on time. OK, lots of things happen that keep business owners from reaching this every year. It happens. Requesting an extension is easy. You just have to remember the due date for requesting is also Tax Day.
I really don’t understand those businesses that don’t turn in their taxes. You do realize that there are fines and penalties assigned when not filing. They add up and aren’t cheap. For each year you don’t file they keep adding and can quickly get out of hand. There are enough forces out there making running your business more difficult. Why add owing the IRS to your list?