5 Expert Tax Tips Small Business Owners Should Know

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As a solopreneur or small business owner, navigating the complexities of taxes can be overwhelming and time-consuming. Because of the daunting nature of taxes, the process can take time and energy away from running your business.This tax season, you don’t have to do it alone. TurboTax Business is here to support your business tax journey, so you can focus on what really matters. Check out the company’s expert tips to help you file confidently this tax season.1. Identify the Right Tax Forms For Your BusinessUnderstanding which tax forms you need to file can save you time and help you avoid potential penalties. The types of forms you’ll need to file depend on your business structure.For example, if your business is a partnership, you and your partner will need to fill out joint and individual forms. However, if you have a sole proprietorship, you’ll likely only need one or two forms, in addition to your personal tax return.2. Gather Your DocumentsOnce you know which forms to file, it’s time to gather the necessary documents to prepare your business taxes. Examples of documents you may need include:InvoicesPaid and outstanding billsCanceled checksDeposit slipsSales slipsCash register tapesCredit card statementsBank account statementsEmployment tax recordsYear-end payroll reportsWhether you’re filing your taxes on your own or using a tax professional or software, having these documents on hand and organized will make the process move quickly and smoothly.3. Maximize Your DeductionsDon’t pay more in taxes than necessary. Just like personal taxes, identifying which deductions your small business qualifies for can reduce your taxable income, decreasing the money you may owe. Some small business tax deductions that may apply to your small business include:Business mealsWork travel expensesHome office costsBusiness insuranceWork-related car useRetirement contributionsRentOffice supplies and expensesBusiness interest expensesStartup expensesIf you’re unsure which deductions you’re eligible for, consult with a knowledgeable tax preparer. They can help identify applicable deductions that you may be unaware of, potentially saving your business even more money.4. Keep Your Books CleanKeeping “clean books” — making sure your financial records are up-to-date, accurate, and organized — is critical to successfully running your small business and can simplify tax season.While this task may sound daunting, you can use tax software to track business expenses and transactions throughout the year. Doing so can help you avoid the stress of figuring it all out during tax season. Consider using an integrated platform to keep your books clean this tax season and year-round.For example, QuickBooks allows you to easily track your business income, expenses, and even business mileage, then you can import your information into your TurboTax Business tax return, allowing for seamless transfer of your information and a done-for-you tax experience.5. Partner with an ExpertYou don’t have to tackle your taxes alone. Work with an expert tax preparer who not only knows what you need now, but can anticipate what you may need in the future.TurboTax Business is here to help. When you use TurboTax Business, you’ll be matched with a tax expert who can maximize your deductions and securely prepare, sign, and file your small business taxes.Best of all? You’ll also have access to unlimited year-round expert tax support at no extra cost. To learn more, visit TurboTax.com/Business.Preparing your small business taxes doesn’t have to be stressful. Using these five tips, you can file with confidence and focus on growing your small business this tax season and beyond.