5 tips from Maner Costerisan for new businesses doing taxes
Ah, tax time. For a new business filing for the first time, this time of year can be especially daunting. Maner Costerisan certified public accountants and business and technology advisors offers advice for startups and new businesses. Here are five tips to help you through the process.
- Maintaining accurate and up-to-date records are essential to filing a complete and accurate tax return. New business owners should get in touch with an accountant early to establish good bookkeeping habits.
- First-year businesses should compile permanent documents like articles of incorporation or organization; pertinent contracts and/or leases; and documentation of ownership officers, board members and capital contributions.
- If a business keeps a manual set of books, it should provide monthly bank statements and check registers. Additional information may or may not be required relating to business vehicle mileage, charitable contributions and meals or entertainment expenses.
- Look into the new qualified business income deduction. Just make sure you calculate all components correctly.
- Ask for professional help. Many of the mistakes seen from first-time filers involve missing information, misreporting income and missing possible deductions. A trustworthy certified public accountant can help you avoid making these mistakes in the first place.
For more information for first-time filers or to learn about working with a CPA, visit manercpa.com.