Even though tax season is wrapping up this year, getting ready for taxes next year is a very wise move. Part of preparing yourself for tax season each year is being organized, and there are several small business tax apps and tools at your disposal. Some of these apps are free to use, and they will help you stay on top of your finances so that next tax season is a well-organized breeze.

IRS-Derived Small Business Tax Apps

Let’s start with small business tax apps designed or supported by the IRS. Though many people find the IRS intimidating, they have developed some very useful tools to ensure that you understand your tax obligations and parts of the tax code that can be a benefit to you.

  • The IRS Tax Workshop was designed for small businesses and is a self-paced information tool that is aimed at helping budding small business owners understand their taxes. Lessons therein cover tax obligations, tax organization, retirement plans, and how payroll withholding works.
  • The IRS Video Portal has several short videos and webinars to view so that you can learn about a variety of tax topics including audits, deductions, changing business entity, and more. They have a section specifically dedicated to small business.
  • The IRS Retirement Plan Navigator has information about different retirement plans available to small business owners, as well as tools to maintain the plan that you choose.
  • The IRS Small Business Calendar is in place to help small business owners and the self-employed worker stay up to speed with changing tax laws, as well as offering reminders about important tax dates. Each year, this calendar is updated to include new tips on business management.
  • Finally, the Small Business Tax Center has even more tools than what’s mentioned above. If you’re a small business owner, it’s a good idea to subscribe to the newsletter, learn about taxes in your state, and explore the free information available to you.

Tax Document Checklist

Another useful small business tax app is the document checklist by Intuit. Though this tool is relatively simple, it’s a useful way to ensure that you’ve got everything that you need for the next tax season. With changing tax codes, it can be a costly mistake to allow yourself to forget about certain forms, so be sure to use the checklist to have all your bases covered and all your documents in your possession when the time comes to file.

Payroll Small Business Tax App

Because calculating payroll can be time-consuming and difficult if you’re not a finance expert, there is a tool on the market designed to eliminate the hours poured over spreadsheets and tax tables. Simply using the free paycheck calculator will help you move along the process much more efficiently and timely. It’s a good idea to have a bookkeeper look over the calculations to ensure that they’re being done correctly, so that you can have the support of a qualified financial professional behind your work.

Keeping Up to Speed with Your State Tax Laws

This small business tax app is a great idea to look into several times a year, as tax codes are subject to change. What you knew last year might not be the same tax code as what’s accepted this year. Some changes are well-publicized, and some are not. You don’t want to miss out on a change by being out of the loop, so to keep yourself up to speed with your state tax laws. Changes to the tax code can have an effect on your business, so it’s important to stay ahead of the curve and be prepared.

Educating Yourself on Tax Forms

Knowing the different forms involved in small business tax is a step in the right direction. Being well-versed on different tax forms could very well protect you from making costly mistakes. For example, you might have 1099 workers or W2 workers, and you have to understand that the two are different in work and in taxes. Have a look at this free tool designed to tell you which tax classification your workers fall under. It’s fairly simple and only requires a few pieces of information to complete.

As well as knowing what kind of workers you have, it’s also a good idea to educate yourself about new tax terms and jargon. Though it might not be something you find interesting, investing a bit of time into understanding the different tax lingo can end up being a great benefit in the long-run. Here are several pieces of tax jargon that should be commonly understood among small business owners.

Expense Estimating Small Business Tax App

This small business tax app comes in handy because estimating your expenses is quite important when it comes to quarterly tax payments. Though you should try to keep this number as accurate as you can, it’s understandable that you don’t want to invest hours into determining it. That’s where this expense estimating calculator from TurboTax comes in. You can input a few pieces of information to understand how much you’re going to be able to deduct based on your spendings related to travel, computer software, insurance, and more.

Understanding Sales Tax

Last, but definitely not least, comes a tool designed to help small business owners calculate sales tax without making mistakes. It can take a lot of time and be quite laborious to come up with sales taxes, but this tool can help you deduct the right amount of tax on your sales. The calculator was created by the IRS, so you can trust that it’s going to give you the information you need. Also, if you’re a QuickBooks user, your program should come with a free sales tax calculator.

Take time to explore the different tools available to you and determine which small business tax apps you like and which you’d rather avoid. The key is to make taxes easier for you, as having a business puts enough on your plate without having to stress about what you might be missing or misunderstanding.

If you’re in the market for a reputable tax preparer, consider West Austin Tax for your income tax questions and services. You can visit their website for information, video resources, or to schedule an appointment with one of our professionals. You can also call (512) 330-9400 for more support.

*West Austin Tax is not a CPA firm.

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