Small Business Tax Prep from Start to Finish: What to Expect

Tax season can feel overwhelming, but don’t worry—we’ve got your back. Whether this is your first time filing as a small business owner or you’ve been at it for years, understanding the process can make everything go much more smoothly. So, let’s break down what happens from start to finish when preparing your small business taxes!

Step 1: Gather Your Financial Documents

Before we can dive into your tax return, we need to make sure all your financial records are in order. Here’s what you’ll need to have ready:

• Profit & Loss Report – This shows your business income and expenses for the year.
• Balance Sheet – A snapshot of your business’s financial position, including assets and liabilities.
• Tax Forms (1099s, W-2s, 1098s, etc.) – Any official tax forms you received.
  
• Receipts & Expense Records – Business-related purchases, travel, marketing, and other deductible expenses.
• Last Year’s Tax Return (if you’re new to working with us) – Helps ensure consistency and accuracy.

Having these ready before we get started makes the process much faster and smoother!

Step 2: Review & Organize Your Expenses

Once we have your financials, we’ll help review them to ensure everything is categorized correctly and that we’re taking advantage of all the deductions available to you. Some common deductible expenses include:

• Office rent, utilities, and internet
• Equipment, supplies, and software
• Business meals and travel
• Marketing, advertising, and website costs
• Employee wages and contractor payments

Step 3: Calculate Your Tax Liability

Now, we crunch the numbers and prepare the return(s) to be filed. This is also when we look at tax-saving strategies. Can we lower your taxable income with retirement contributions? Are there credits you qualify for? We’ll help find every opportunity to save you money!

Step 4: Review & File Your Tax Return

Once everything is calculated, we'll go over the return with you to make sure you understand the numbers and feel confident in the filing. We’ll double-check:

• Accuracy of income and expenses
• Deductions and credits claimed
• Estimated tax payments applied

Once you give the final thumbs-up, we’ll file your return electronically so you can check “taxes” off your to-do list!

Step 5: Plan Ahead for Next Year

Tax preparation doesn’t stop after filing—smart business owners use tax season as an opportunity to plan ahead. We’ll discuss:

• Quarterly estimated tax payments (so you’re not stuck with a big bill next year!)
• Growth plans and tax strategies for maximizing deductions in the future
• Record-keeping tips to make next year’s filing even easier

Let’s Make Tax Season Stress-Free!

Taxes don’t have to be a headache. With the right preparation and guidance, you can file confidently, minimize what you owe, and keep more of your hard-earned money. If you’re ready to get started, let’s chat—we’re here to make the process as smooth and painless as possible.