Success: Filing Your Business Tax Returns

To succeed in your business you go about everything with a successful mindset.  It is no different when it comes to getting your tax returns done.  Go about it like the success that you are.

Succeed in getting Your Taxes Done
  • To get through tax season more smoothly, approach it like anything else that is of great importance to your business.  Don't panic because you have a valuable resource in your CPA to guide you through the process.  If you let him drive you through the process it will go better.  But along the way ask questions with a determination to get more value from your CPA than just a tax return.  My most successful clients are the ones that spend the most time communicating with me and the least amount of time sharing information documents. 
  • How do you minimize your time transmitting information to your CPA?  The process will be so much better if you have all your information to transmit to your CPA at one time and have it highly organized.  If you send your information to your CPA in several pieces your time requirement and the necessary communication with your CPA will increase exponentially.  Your CPA should let you know exactly what he needs from you.  And he should know specifically what he needs from you based on the return from last year and conversations with you during the year.  If you are not very organized yourself have someone else in your business who is put the information together along with any explanations of unusual events that took place during the year.  This will expedite and simplify the process for you.
  • Don't rush through the process.  You want to go about getting your taxes done in a manner that makes sure your return gets prepared accurately and so you get real value from your CPA in addition to a tax return.  Since we are already in March, and most business returns (Corporate) are due March 15th, if you have not already submitted your information to your CPA you should be ready to file an extension.  This gives you an additional six months so you can make sure to get this done right the first time.  If you rush through it you probably will wind up spending more time on your tax return as you will likely need to have your return corrected later by amending it.
  • Just because you file an extension don't put off getting the return filed.  If your business is structured as partnership or S-Corporation and you have partners or shareholders/members they will be waiting on a K-1 from your business to complete their personal returns.  It is always a good practice to set an expectation for them in regard to when the business return will be completed and when they will get their K-1's.  Believe me, if you don't communicate this with them then their CPA will be asking for the K-1's and you will get phone calls inquiring about them.  
While the above discussion refers to corporate returns the same principles apply to partnership returns that are due on April 15th.  While the partnership returns are due a month later it is best to get them done early since the partners will need their K-1's to complete their personal tax returns also due on April 15th.

​So in conclusion, be professional about getting your tax return completed.  As a busy entrepreneur ​you can save time by giving the process thorough attention upfront and you can get more value from your CPA the more you communicate with him during the process and throughout the year.  Like anything else in your business be professional about it and you will succeed in this necessary part of your business.

The CPA Superhero wants to help you to succeed in business, life, and in retirement.  While my main business is preparing tax returns, I also work with clients to setup accounting systems to start, manage and develop their business(es) and develop and implement a financial plan. Contact me using my information below to schedule a free introductory consultation up to a half hour. 

Jeff Haywood, CPA

The CPA Superhero

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My posts contain general information that does not fit every situation, they are not all inclusive, and as always for your tax situation everything "depends on facts and circumstances."  In addition, the information/IRS requirements are always subject to change.  So call me to talk about your specific facts and circumstances and what you want to accomplish.

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