{"id":190,"date":"2020-03-26T17:12:48","date_gmt":"2020-03-26T17:12:48","guid":{"rendered":"https:\/\/www.leskunaccounting.com\/blog\/?p=190"},"modified":"2024-09-05T20:34:45","modified_gmt":"2024-09-05T20:34:45","slug":"small-business-tax-season-checklist","status":"publish","type":"post","link":"https:\/\/www.leskunaccounting.com\/blog\/small-business-tax-season-checklist\/","title":{"rendered":"Small Business Tax Season Checklist"},"content":{"rendered":"

If you own your business, tax season can be much more stressful and complicated than it is for individuals who only need to manage their own tax information or that of their families. For this reason, it can be incredibly useful to have somebody in your corner who specializes in tax preparation<\/a> for small businesses. At Leskun & Son Accounting<\/a>, we have been doing accounting and bookkeeping work for businesses throughout BC since 1972, and our experience has allowed us to put together a comprehensive small business tax season checklist<\/strong> to help our clients prepare for the end of their financial year.<\/p>\n

Learn about some of the different tax breaks for small businesses.<\/a><\/p>\n

Tax Season Checklist for Small Businesses<\/h2>\n

In order to be as prepared for tax season as possible, it can be helpful to assemble a couple of various records. Before anything else, make sure that you meet with your accountant or bookkeeper to find out if they need anything beyond what they already have access to in order to prepare your tax statements. It is possible that they will already have everything that they need to get through tax season. If your taxes are done in-house, make sure that you have records to the following information:<\/p>\n

1. Business Income and Tax Collected<\/h3>\n

Ensure you maintain a gross total of your business\u2019s income, which includes GST (Goods and Services Tax) and HST (Harmonized Sales Tax). It is crucial to keep records of individual amounts collected for GST and HST to facilitate accurate reporting. Meticulous record-keeping in this area can prevent discrepancies and potential penalties, ensuring that the entire process of filing taxes runs smoothly.<\/p>\n

Watch out for these common tax scams.<\/a><\/p>\n

2. Cost of Goods Sold<\/h3>\n

Carefully keeping track of inventory records and its value is essential in calculating the cost of goods sold. This includes keeping records of your starting inventory value at the beginning of the year, the finishing inventory value at year-end, and any materials purchased throughout the year. In addition, you must also report expenses related to wages and sub-contracts for the year. This detailed tracking will help you accurately calculate your gross profit, contributing to a clearer financial picture of your business operations.<\/p>\n

3. Business Expenses<\/h3>\n

Maintaining organized records of all business-related expenses is crucial. Vehicle expenses, such as fuel, maintenance, and other operational costs associated with vehicles used for business purposes, need to be tracked meticulously. If you operate your business from home, ensure you allocate a portion of your home expenses to business use. This can include utilities, home insurance, and even the fraction of your home’s square footage dedicated to business activities, allowing you to claim deductions appropriately. Moreover, general business expenses\u2014which cover a broad spectrum including advertising, meals and entertainment, office supplies, insurance, travel, utilities, and other operational costs\u2014should be recorded in an organized manner to facilitate accurate deductions during tax reporting.<\/p>\n

Additional Resources for Small Business Taxes<\/h2>\n

Ensuring you have all the necessary documentation and understand the potential tax breaks available to small businesses is integral. Additionally, staying informed about common tax scams is crucial in protecting your business from fraudulent activities that could result in financial loss or legal complications. It is also beneficial to delve into what business expenses are tax deductible<\/a>, as this knowledge can help in effectively reducing your taxable income and maximizing your savings.<\/p>\n

If you would like to get more help with your small business tax season checklist, or if you have questions for one of our professional accountants about any other small business-related tax or accounting issues, please contact Leskun & Son Accounting<\/a> at 1-877-826-1219 or fill out a contact form on our website.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you own your business, tax season can be much more stressful and complicated than it is for individuals who only need to manage their own tax information or that…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,3,16],"tags":[],"class_list":["post-190","post","type-post","status-publish","format-standard","hentry","category-business-tax","category-corporate-tax","category-tax-tips"],"yoast_head":"\nSmall Business Tax Season Checklist | Leskun & Son Accounting<\/title>\n<meta name=\"description\" content=\"At Leskun & Son Accounting, our experience has allowed us to put together a small business tax season checklist. 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