How to Prepare Small Business Taxes

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The best way to prepare small business taxes is to use a good-quality accounting software to keep track of all business expenses and earnings. Find out how to organize small business finances with help from a tax specialist in this free video on filing taxes.

Part of the Video Series: Preparing Taxes
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Video Transcript

Hi I'm Julie Kidd. I'm an asset management consultant in Atlanta, Georgia and now we're going to talk about how to prepare small business taxes. To start your business off right you should make sure you are keeping copies of all your receipts, even the small things like client lunches and office supplies should be kept together and next you'll want to get some good accounting software that will meet your businesses needs. It is best if you input all these receipts into your accounting software. This will save you time from having to look for receipts and as any small business owner knows they don't have a lot of time to search for things. One of the things I personally had the biggest problem with was keeping track of my mileage so if you start right at the beginning of the year and keep track of all your mileage then you are not going to have the troubles at the end of the year of going back and recalculating and checking calendars and what not. If you feel confused about filing your small business taxes it would be best to consult a tax professional. They can help guide you in the right direction and give you some advice but they can also direct you to a software program such as Tax Cut or Tax Act. There are several others on the market that you could use that would be best for your type of business. One thing to take into consideration when you are looking for those softwares is one that offers a lot of support. If you are unfamiliar with the process of completing your taxes, a software that offers a lot of support could make it a little bit easier. Tax Act is the software that is available free on line. It provides you with the required forms and all the information you need and the only fee you would pay is if you decide to e-file. The other thing I want to mention is if you do use a tax professional in preparing your business taxes, do some research to find a good reliable person or organization since you are providing them with sensitive financial information.


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