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Tax Filing Tips for Small Business Owners


January 31, 2022

You don’t have to dread tax filing season. With these easy to implement tax filing tips, any small business owner can ensure a simple and streamlined tax filing process every year. Continue below to learn the top five tax filing tips that can make tax season a hassle-free experience for small business owners.

Essential Small Business Tax Season Tips

As a small business owner, the top five things you can do to lay the path for a smooth and simplified tax filing process is to stay organized, be honest, retain professional assistance from a certified public accountant, utilize accounting software, and complete all state and federal filing requirements.


Throughout the year, you should be collecting and organizing all business receipts and important, business-related documents. The better you stay organized through the year, the easier your tax filing process will be. If you’re unsure of which documents you should be retaining, talk to a licensed Indianapolis CPA. The records you should be keeping will likely vary depending on the type of business you are (i.e., self-employed, C-Corporation, S-Corp, Group, etc.).


When filing your taxes, it is critical that you do so using superior morals and ethics. Refrain from lying, omitting pertinent data, or embellishing information on your tax filing forms. Not only can this lead to a massive onset of court ordered restitution, but it can also lead to tax fraud or tax invasion criminal charges. It is important that you are reporting all of your income and business expenses when filing your taxes is a small business owner. Do not report expenses that are not business related.

Professional Assistance

Perhaps one of the most important steps you can take as a small business owner preparing for tax season is to outsource professional business accounting services. A licensed and experienced small business CPA in Indianapolis can ensure that you are taking advantage of all the tax credits and benefits available to you, plus guarantee that all documents are completed and filed according to all IRS requirements.

Accounting Software

By utilizing professional grade accounting software, you can better stay organized when it comes to all of your business receipts and related business expenses throughout the year. Recommended small business accounting software programs include QuickBooks, Wave Financial, and Xero. Consult with a licensed small business accountant to ensure that you are choosing a software program that is most compatible with your business tax requirements.

State and Federal Taxes

It is very common among small business owners, especially those who are just starting out in their first year of filing taxes, to forget about the state and federal filing requirements. Avoid this common error by planning ahead. Learn the small business state and federal tax filing requirements, such as the annual report with the Secretary of State. Also, be sure to pay all of your local and state taxes on time.

Are you looking for a small business certified public accountant who can help you plan and prepare for tax season? Contact Aspire CPAs, PC at 317-469-4500 to speak with a licensed accountant who specializes in business tax planning and preparation in Indianapolis, Indiana. You may also request an appointment, online.

Related Posts:

Business Tax Deductions You Likely Qualify For
Key Differences Between C Corporation and S Corporation Taxes
Common Tax Deductions for Small Businesses

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