Tax Season Is Here - Is Your Small Business Prepared?

By Mark Landiak

Tax Season Is Here - Is Your Small Business Prepared?January 9, 2015 – Tax season can be intimidating. Small business owners can particularly experience a range of emotions, from fear of not being in compliance to frustration with the seemingly burdensome tax structure for small businesses.

As a business grows, so does its tax obligation. With the process becoming increasingly complex, it's no wonder why tax season is so stressful. There is much more than just money on the line. Business owners are staking their livelihoods.

Fortunately, the stress of tax season can be mitigated with the proper preparation. This includes an accounting structures that makes sense for your business and thorough documentation procedures. Putting these structures in place (making sure you have a business plan and understanding the pivotal importance of the balance sheet and profit-and-loss statement) are the keys to avoiding the dreaded call or visit from the IRS. Here are some key points to keep in mind: