First Year to File Business Tax Return? Here are 5 Tips for You!

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Is This Your First Year to File a Business Tax Return? Here are Five Tips for You!

March 17, 2019

Normally, it is challenging and intimidating to do anything for the first time. Filing taxes for the first time is an example. You don’t know what to expect and what to do. The tax road you will go through might also overwhelm you for all the works needed to be done.

If you are filing taxes for the first time, here are 5 tips to help you and put your mind at ease:

Set Up a Checklist Now

Start off by making a checklist of the documents you’ll need and expect to receive. In that way, you know what is to be gathered and be stored in relation to the preparation of your filing. Put them in one secure place so you have all the papers you need when you file.

Don’t get too distracted because there might be additional forms you need to keep track of.

Get Organized

It is really important to have all the necessary forms needed when filing and being organized will really help you. Put together all the documentation needed such as W-2s, 1099s, mortgage statements, receipts, and other deduction backup paperwork. Also, keep track of all the additional forms and keep them in one secured place. Don’t get intimidated on all the documents you need to gather, with a proper organization, you will get it done.

Keep a Tax File All Year

Keeping all the documents is very important but don’t forget the papers that were given earlier in the tax year. Put together all the tax-related documents in a single place and organize them where you won’t spend hours looking for them.

See If You Qualify to File for Free

Make yourself aware of the free services available. Many first-time tax filers are not aware that they can qualify to file for free. Check the IRS website for this free resource.

File as Soon as You are Ready

Filing as soon as you are ready to eliminate tax deadline stress. As soon as you start on your taxes, the more opportunity you can have to re-check them to avoid errors and complete and file on time. You can make sure that you are claiming all the deductions you are eligible for in case your itemized deductions are higher than the new standard deduction.

If you still feel uncomfortable doing your taxes alone whether first time or not, we have an Enrolled Agent that is ready to assist you. Contact us today at admin@fas-accountingsolutions.com or 832-437-0385.