Tax News Hubb
Advertisement Banner
  • Home
  • Tax Rates
  • Tax Types
  • Contact
No Result
View All Result
  • Home
  • Tax Rates
  • Tax Types
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home Tax Rates

What You’ll Need to File Your Business Taxes Before March 15

admin by admin
February 18, 2023
in Tax Rates


Is this your first year filing taxes for your business? Are you ready now? The filing deadline for Partnerships (1065), S-corp (1120-S), and multi-member LLCs is March 15, 2023. If you still need time to get your paperwork in order, you can file an extension by March 15, 2023 to give you until September 15, 2023.

If you are ready, here are some tips to help you file your taxes and make it much easier.

Filing Business Taxes

Before filing taxes for your business, you’ll want to get all your ducks in a row with your finances. Even though the deadline is this week, you can get it done. What does that entail?

  • Gather your financial statements. Have ready your financial statements for the year,  including your income statement and your balance sheet.
  • Review your financial statements. Now that you have the information available, go ahead and make sure all your income and expenses for your business are included in your income statement (also known as a profit and loss statement). Make sure your balance sheet is correct- all your assets, liabilities, and equity should be included.
  • Reconcile your bank account. You want to verify that all of your transactions are accounted for and what your statement says on paper matches what’s actually in your bank account. Should the amounts not match, carefully examine your bank statement for any outstanding bank fees and interest earned. Also, examine your bank reconciliation for old outstanding deposits and checks. A deposit posted in error could make your financial picture look better than it is and cost you more in taxes.
  • Adjust for Book Accounting and Tax Accounting Differences (M-1 Adjustments). A typical M-1 adjustment is an adjustment for Travel and Entertainment Expenses. On your company’s income statement, you are allowed to deduct 100% of Travel and Entertainment Expenses, however, for tax purposes, you are allowed 50% of the travel and entertainment expenses so you have to make an adjustment. TurboTax can automatically make this and other M-1 adjustments for you.

By the way, if you’re looking to make getting your financial documentation together easier, using software like QuickBooks can cut down on your time. If you’re new to filing business taxes, then it can be a lifesaver. Once you have your financial statements in order, TurboTax can also make filing your business tax return easy.

Curious to know the upcoming deadlines for next year? The IRS site provides a tax calendar for small businesses.

Thoughts on Filing Taxes

I’d love to hear your thoughts about filing an extension and paying taxes for your small business. How many are filing taxes for your business the first time? How do you organize your finances throughout the year?

With NEW TurboTax Live Full Service Business, we enable the small business owner to be paired with a dedicated tax expert specializing in small business taxes to handle Partnerships (1065), S-corp (1120-S), and multi-member LLCs. Get matched with a dedicated small business tax expert, enjoy unlimited year-round advice and answers at no extra cost, and be confident that our small business tax experts will help you find every tax deduction and credit your business deserves.

  • Previous Post

    IRS Issues Guidance on the Taxation of State Tax Payments…

Elle Martinez

Elle helps families at Couple Money achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth. Learn how to live on one income and have fun with the second. More from Elle Martinez

One response to “What You’ll Need to File Your Business Taxes Before March 15”

Browse Related Articles

Six Tips to Beat the October 15th Extended Tax Deadline


Tips to Help Stop Procrastinating (on Your Taxes)


Extension Filers: Tips for Those Self-Employed for the …


Need To File an Tax Extension?

What You Need to Know About Filing an Extension

IRS Update: The Government Shutdown and Your Taxes


IRS Offers Penalty Relief to Storm Victims Unable to Fi…

Coronavirus Tax Updates

Was the Tax Year 2019 Tax Deadline Delayed? What to Kno…

tax filing deadline extension

IRS Announced Federal Tax Filing and Payment Deadline E…

Did You Miss the Tax Deadline 3 Steps You Can Take Next

Did You Miss the Tax Deadline? 3 Steps You Can Take Nex…



Source link

Previous Post

Capital Gains Tax Calculator: Put Investments To Work This Tax Season

Next Post

George Washington on Debt and Taxes

Next Post

George Washington on Debt and Taxes

Recommended

Tips for CTEC registration and renewal for tax preparers in California

8 months ago

30 Frost Brown Todd Attorneys named to 2023 Ohio Super Lawyers® and Ohio Rising Stars® Lists – Frost Brown Todd

3 months ago
tax-32

© Tax News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Tax Rates
  • Tax Types
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Tax Rates
  • Tax Types
  • Contact

© 2022 Tax News Hubb All rights reserved.