As a first-time business owner, filing taxes can seem like a daunting task, but with some guidance from professionals, can be very manageable.
You will start by choosing your business structure, and obtaining an EIN, if needed. You will then determine your tax year end, and learn more about your specific tax obligations and appropriate forms for filing. Legal professionals along with tax professionals can assist with setting up your business and choosing the right designation for you.
Following these steps, it can be helpful to set up an appointment with a tax professional before getting started with the business, to ensure you are aware of and keep detailed records throughout the year in preparation for tax season. You can then better evaluate whether you need to pay estimated tax throughout the year, ensuring you meet all required deadlines and are paying all required tax.
Staying informed and keeping good records is key when filing taxes as a first time business owner.
If you have any questions about the topic discussed in this article, or any tax law matter, please give us a call at Bononi & Company 724-832-2499.