When it’s time for your business to handle an annual filing, what happens? Do your palms get sweaty – do you start feeling like you need to look for a paper bag to breathe into?
At a very minimum, a lot of business owners feel a kind of sense of frustration and discomfort when it’s time to put together everything that’s part of an annual filing. So do individuals and households. Most people are somewhat uncomfortable managing the details of these arcane and elaborate reports.
Here are some of the things that can keep you from filing an easy annual return for your business.
No matter what kind of business you are running, the IRS requires that you fully document amounts of money getting paid out to contractors or third parties, and amounts of money that you’re getting from people who hire you as a contractor or third-party, too.
All of that leads to the vast webwork of paper trails that can get lost in the mail or easily misplaced.
So when it’s time for tax figuring, having any of these missing is a big problem. Then you have to scramble, in an uncomfortable way, toward the finish line.
If you’re like most of us, you come to a point in your annual filing where there needs to be a number inserted for some type of revenue or expense, and the number’s just not there. Maybe it wasn’t recorded properly. Maybe there’s some data missing that keeps you from calculating that number correctly.
Whatever it is, this type of problem bedevils those who are trying to put together a full filing on time by mid-April.
Business Names and Identities
There’s also the burden of naming all of the involved entities on an annual filing. You might not have this information either, or know everyone’s EIN or Social Security number. That in turn leads to delays and frustration.
Is your payroll software aligned with your tax system? If not, you’re in the awkward position of doing manual data entry to get those numbers to the IRS. That takes time and effort and can be real drudgery – tedious stuff…
These are four examples where people come to us for help with annual bookkeeping. Having a professional partner like us means you can face the IRS with confidence and know that you’ll get a clean filing every year! Contact us for effective and professional tax help, and get your finances in good working order.