Laws & Legislation


03 18 2015

How to Prepare for Business Tax Season

03 18 2015

How To Prepare Your Small Business For Tax Season

As the new year rolls along, it’s important for small businesses to be mindful of their working capital and the approaching tax deadline. The IRS mandates that Americans must have their taxes filed by April on a rolling deadline that changes each year. This means small businesses across the country must take the necessary steps to ensure they are cooperating with state and federal regulations while also readying their paperwork to be submitted in a timely manner.

Waiting until the last second isn’t the best strategy because it leaves you with little to no room for error, or else you might have to file for an extension, which can further delay the process and set your business plan back. By preparing early, you can settle all financial matters of the previous year and get to work on making your business a success in the new year.

Gather materials

Every financial document that has yours or your business’s name on it should be compiled in one area. This can be an exceedingly tedious task because it might be difficult to locate an entire year’s worth of paperwork and file it accordingly. That’s why it’s important to already have an accounting system in place where all your documents are recorded or kept in a secure location for your convenience.

The IRS will be interested in all business matters, including earnings, working capital, returns, payments, services and a whole host of other financial necessities. If you’re not sure whether certain information is needed, it’s best to err on the side of caution because there’s nothing worse than having to redo your taxes or potentially face an audit due to a preventable mistake.

Look for deductions

The tax code changes frequently and contains a plethora of rebates and incentives for businesses to save money. If your office or warehouse is fitted with green materials, then you’ll not only be saving money on your monthly utility bill, you can also get a tax break. Further, depending on the number of employees you have, you could be eligible for a number of deductions. If your small business offers health insurance or retirement benefits, then you could apply for a deduction due to the costs associated with administering these plans.

One of the most important tax breaks you should be aware of lies in Section 179 of the tax code, which allows you to claim equipment that you’ve purchased in that year. To further cash in on savings, you can opt for leasing equipment rather than having to pay a high price upfront.

While you’re at it, help your employees get a move on their own taxes this season so that your staff is fully prepared for the new year.


Find Out How Much Funding You Qualify For

Fields marked with an * are required
By clicking this button I agree to all terms and conditions.

Terms & Conditions

General Acceptance

Any applications submitted electronically shall have the same force and effect as if the application bore an inked original signature(s). The above information, together with any accompanying financial statements, schedules, or other materials, is submitted for the purpose of obtaining credit and is warranted to be true, correct, and complete.


US Patriot Act:

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person and business that seeks a business loan. What this means for you: When you apply for a loan, we will ask for your business name, address, and Tax Identification Number. We will also ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


For Loan/Merchant Services:

The Merchant and Owner(s)/Officer(s) identified in the application (individually, an “Applicant”) each represents, acknowledges and agrees that (1) all information and documents provided to National Funding, Inc. (“NF”) including credit card processor statements are true, accurate and complete, (2) Applicant will immediately notify NF of any change in such information or financial condition, (3) Applicant authorizes NF to disclose all information and documents that NF may obtain including credit reports to other persons or entities (collectively, “Assignees”) that may be involved with or acquire commercial loans having daily repayment features and/or Merchant Cash Advance transactions, including without limitation the application therefor (collectively, “Transactions”) and each Assignee is authorized to use such information and documents, and share such information and documents with other Assignees, in connection with potential Transactions, (4) each Assignee will rely upon the accuracy and completeness of such information and documents, (5) NF, Assignees, and each of their representatives, successors, assigns and designees (collectively, “Recipients”) are authorized to request and receive any investigative reports, credit reports, statements from creditors or financial institutions, verification of information, or any other information that a Recipient deems necessary, (6) Applicant waives and releases any claims against Recipients and any information-providers arising from any act or omission relating to the requesting, receiving or release of information, and (7) each Owner/Officer represents that he or she is authorized to sign this form on behalf of Merchant.(8) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (9) this request is for business and not for consumer purposes.


For Equipment Services:

I hereby certify: (1) the information provided is true and correct, (2) you are hereby authorized to investigate all bank, credit, and trade references, and said references are hereby authorized to release any requested information to you or your nominee, (3) such authorization shall extend to obtaining personal credit profile in considering this application and subsequently for the purposes of update, renewal or extension of such credit or additional credit and for reviewing or collecting the resulting account, (4) this information may be transmitted by us to you and by you to underwriter(s) for the purpose of granting me credit, either electronically or manually, and that by submitting this application, I take full responsibility for transmission thereof, (5) I am over 18 years of age, (6) I acknowledge my rights under the Fair Credit Reporting Act, (7) I consent to receive direct mail, faxes, text-messages, and e-mails sent by National Funding and its affiliates for the purposes of transmitting account updates, requests for information and notices, and (8) this request is for business and not for consumer purposes.


Text Messaging:

By providing my wireless phone number to National Funding, Inc., I agree and acknowledge that National Funding, Inc. may send text and multimedia messages to my wireless phone number for any purpose. I agree that these text or multimedia messages may be regarding the products and/or services that I have previously purchased and products and/or services that National Funding, Inc. may market to me. I acknowledge that this consent may be removed at my request but that until such consent is revoked, I may receive text or multimedia messages from National Funding, Inc to my wireless phone number.

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to enter into the binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. If for any reason your application for business credit is denied, you have the right to a written statement of the specific reasons for the denial. To obtain the statement, please write to National Funding Inc., 9820 Towne Centre Drive, San Diego, California 92121. Funding amount and credit approval is subject to a full credit profile review.