National Funding Card National Funding Card

Have Your National Funding Card? Get Started.

01 24 2014

01 24 2014

Prepare For Your 2014 Taxes Today

Preparing to pay your taxes is something that business owners should think about no matter how close to April it is. Here are two tips that will make filling out tax forms easy:

Keep your business easy to understand

Bonnie Lee of Taxpertise writes in Fox Business that companies must keep their tax documents organized and easy to understand. This is crucial at the beginning of the tax year when you will have a lot of outdated files relevant to your 2013 return but not relevant to your 2014 return. Make sure to archive everything, and then use a different file cabinet for the new year’s tax information to keep things separate and avoid confusion. Things to keep include your appointment book and financial statements.

Hire a professional

You should make sure to hire a competent CPA to help you file your taxes at the appropriate times. Depending on how your business is structured, there are different laws for filing taxes, and you would benefit enormously from having a professional who knows the rules and can get you the best deductions. Although it will cost money to hire a professional, you will earn a lot of money in tax refunds. Additionally, this will help you avoid paying penalty taxes from not knowing the appropriate laws.

In a separate article for individual taxpayers, Lee recommends meeting with your tax professional once a year to do tax planning. However, if you own a company, and if your tax situation will change, whether from buying new equipment or expanding your business in other ways, you might want to meet more often than this. Your tax accountant will know what to do.

Lee also recommends that you make sure to give your CPA electronic copies of all the files associated with your business that you will need for tax, as these will become necessary in case of an audit.

If you need money to pay off tax debt, consider a working capital loan from National Lending. They offer equipment financing as well, and you can get your money in as little as 24 hours.


  • Tax changes business owners should know

    6 Tax Code Changes Small Business Owners Should Know

    Though everyone knows when tax season is, it always seems to catch many people off-guard. Like it or not, though, when tax time comes, it's crucial that all small business owners gather their documents and start filing right away. The fact that tax laws change every year is almost as predictable as tax season itself.… […]

  • Prepare your landscape business for summer

    4 Ways To Prepare Your Landscaping Business For Summer

    As the winter months come to a close, home and business owners will begin to ponder their lawns and gardens. They know their landscaping is important for inspiring positive first impressions of their property. And who will they turn to for the landscaping tune-up? Your landscaping company, of course! As such, now is the time… […]

  • Health care law changes for small businesses

    Health Care Law Changes Could Affect Small Business Owners

    Health insurance is an incredibly complex and confusing subject. Not many people can confidently explain all the fine details of various health insurance policies. At the same time, health insurance can be deeply personal. People rely on their health insurance plans to provide them with the treatments and check-ups they need to stay healthy .… […]

  • Celebrate National Small Business Week during the first week of May

    Celebrate National Small Business Week with Events in May

    The first week of May marks the country's annual celebration of small businesses. National Small Business Week will be recognized through Saturday, May 6, with plenty of opportunities for small business owners to participate in events, both online and in their communities. National Small Business Week was designed to highlight the significance small businesses have… […]