Plan Ahead for Tax Season
September 26, 2023 | Barton Walter and Krier
Every year it seems as though the scramble around tax time is inevitable. But the tax experts at Barton, Walter & Krier are here to help. We’ve got the inside scoop on things you can do throughout the year to ensure you’re prepared, saving you time, money, and potential headaches. Keep reading to learn a few year-round tax tips to help you plan ahead for tax season. Tax Time Timeline Because of additional tax obligations, tax season looks a bit different for businesses than for individuals. Unless filing for an extension, individual tax returns are due on April 15. Depending on your business type and the tax year, the due date for business taxes can vary. Additionally and for businesses required to pay them, quarterly estimated taxes are, as the name implies, due each quarter — on the 15th of April, June, and September as well as January of the following year. Companies with employees are also required to file local, state, and federal payroll taxes all year long. Identify Proper Classification Selecting the right structure for your business is important to avoid overpaying taxes. Among other aspects, you’ll want to consider tax rates, liability protection, and chain of command when choosing an entity. From a C corporation to a sole proprietorship and […]
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