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Denver Business Tax Preparation Tips for Your Small Business in 2017

January 25, 2017

Tax season has arrived. As you get ready for your Denver business tax preparation, there is a lot to consider. When beginning to prepare all documents to meet with your local accountant, it will help to gather everything you need before. There have also been changes this year to be aware of. Learn more about these tips and ways to make this tax season the best one yet!

Items to Gather

One of the best ways to make this tax season a smooth one is to be prepared. Some of the commonly thought of items include receipts and all records of sales of your business, your 1099, profit and loss documents and returns. What can get trickier is gathering all other expenses and income of your business or that your business generated. Use any financial documents to be able to show everything that went in and out. If you just started your small business, a rule of thumb is to save documents for six years. Did you use a vehicle for your small business? Be sure to have all expense documentation for that, too. If you worked out of your home, you can talk to your accountant on what items you can claim there. For instance, you can claim parts of your mortgage, supplies and other areas.

New Changes

There are a few changes in 2017 that small business owners will need to know for this tax season. According to Business News Daily, Small Business Taxes: What to Expect in 2017, the due date for C-Corporations will now be April 15. Partnerships and S-Corporations will now have a deadline of March 15. This depends on the form you use, which a quality accountant can assist with. The article also mentions something new for business owners to take advantage of: Bonus Depreciation. They explain this is a tax break enabling business owners to deduct 50 percent of costs on any new capital equipment. This will be available but will decrease 10 percent each year.

Benefits of Using an Accountant

With so many factors to take into consideration, it is best to trust an accountant to help you handle your business’ taxes and finances. This will ensure tax season goes smoothly and you have the support you need all year long. Plus, a tax preparation specialists will stay on top of the latest changes and areas to take advantage of. This will ensure your taxes are done right and you do not owe more than you need to. Given the amount that it takes with taxes, you can let someone do the heavy lifting so you can focus on your business. Read more about why your small business needs a Denver accountant.

As your small business prepares for the 2017 tax season, Bloch, Rothman & Associates is your go-to tax preparation service. Our business tax preparation services will help you prepare your individual, partnerships, estate, trust, S-Corp, C-Corp ad nonprofit tax return—both federal and for the state. Call us today at 303-321-7160 to get a quote and started on your tax process for the new year.