Should I File My Taxes Early?
The year is already flying by, and depending on your business type, you may need to file taxes by March. Partnerships and S corporations will need to file taxes by March 15, while C corporations, sole proprietorships, and single-member LLCs will need to file by April 17. If you’re a new business owner and this is the first time you’ve filed business taxes, you likely aren’t sure what filing will entail.
So should you file early? While the IRS won’t reward you for filing early, there are benefits to submitting your tax return before the deadline. The biggest benefit of filing early is peace of mind. When you work with a tax preparer, you’ll be able to pass along the burden of the work to the tax expert. Once they’ve helped you file, you won’t have to worry about your tax return and will get to spend the rest of 2018 working on growing your business.
Another benefit to filing early is that you’ll have extra time to deal with any complications that may arise. A tax preparer will help you navigate the tax process, but you may find some surprises during the tax preparation process. For example, if you’re a sole proprietor who hasn’t kept your business and personal expenses separate, it may be difficult to figure out which expenses are related to your business and whether they’re tax-deductible. The more time you have, the better. There aren’t any real downsides to filing early, so you might as well get a start on things while you’re thinking about taxes. The first step is finding a qualified tax preparer who can help you get ready for filing.
A good way to expedite the process and minimize the cost of preparation is to help the preparer by organizing the information. This will allow the preparer to easily prepare the financial statements and the return. More information can be found at: https://www.youtube.com/watch?v=L1q01ePIFQQ
F&S Projects is here to help you with your business taxes, and we work with organizations of all sizes. We’re a full-service firm in Weston, Fla., and we are dedicated to helping business owners succeed. Call us at 954-482-9681 or reach us here.