How to Prepare Your Business for Tax Season

It's the most wonderful time of the year: Tax Season! Ok, so maybe most business owners don't anticipate tax season quite like we do, but it's still a great opportunity for you to look back at the previous year and reflect on your accomplishments!

Let's dive right into what you're going to need in order to prepare your business (and your personal) tax returns.

First and foremost, you must be aware of the important filing deadlines:

The filing deadline for Partnership and S Corp Tax returns is March 17, 2025

The filing deadline for Personal 1040 tax returns is April 15, 2025

In order to complete your tax return(s) by the appropriate deadlines, we will need to have your tax documents by the following dates:

       S Corp/Partnerships: Feb 28 for March 15th                 Extension:  Aug 30 for Sept 15

       Personal 1040: March 31 for Apr 15th                              Extension: Sept 30 for Oct 15

Second, you will need to gather up your tax documents and business financial statements:

• Profit & Loss Statement
• Balance Sheet
• Any tax documents you've received (1099, W-2, etc.)

Third, you will have to review your business information to let us know if anything has changed. 

• Did you move?
• Did you sell any large assets?
• Did you invest in another business?
• Did you have any other major life changes?

And finally, please understand that we are here to help! Tax season is a grueling time for accountants, and there are only 24 hours in each day, so we truly appreciate your patience. By gathering up your business information listed above, you can ensure that the tax preparation process is as smooth as possible. Thank you for your continued business and support! We look forward to working together in 2025. Feel free to let us know if you have any questions, and appointments are greatly appreciated during tax season.