Tax Preparation Management as a Small Business

malden solutions tax preparation management

As a full-service insurance brokerage that you can count on, Malden Solutions helps small businesses with tax preparation management.

As a full-service insurance brokerage that you can count on, Malden Solutions helps small businesses with tax preparation management. Employees typically look forward to tax season, but employers need help getting the details right. However, reporting taxes accurately is not something to skimp on because of the significant consequences that come with it. No one wants to get in trouble with the IRS. Check out some tips that small companies can follow to help them manage tax preparation.

Talk to a Tax Preparer Before Tax Season Arrives

One way to make a tax preparer’s life easier and yours is to discuss with them before the arrival of tax season. Also, before you begin organizing your financial records and taxes. Why is this? A tax preparer can provide you with a tax preparation management system. At Malden Solutions, we utilize the Electronic Federal Tax Payment System, or EFTPS, to submit your tax payments. We also use this system to report quarterly and yearly filings and unemployment reports.

Go Digital

Keeping a shoebox full of receipts to track your small business expenses is one way to quickly become disorganized. The IRS accepts digital copies of your receipts, so it won’t be necessary to hold onto paper. In addition, many digital applications may assist you in keeping track of all your expenses. For backup, you may always keep paper copies of this information in your home. We suggest that you file them neatly.

Deliver W2’s On Time

If anything frustrates an employee, it needs to obtain their W2s on time. Remember that January 31st is the deadline. Therefore, before this date, please make sure to gather essential information about your employees early. This employee information should include the following:

  • Employee names
  • Employee addresses
  • Total wages
  • Social security numbers
  • PTO
  • Number of Exemptions
  • Pretax contributions to retirement or HAS
  • Information about independent subcontractors

File on Time and Avoid Waiting Until the Last Minute

Tax preparation indicates that you are prepared. Waiting until the last minute to organize documents does not help you file on time, especially if you are accountable for paying estimated quarterly payments. In addition, tax preparation management might mean that you take an hour weekly that you designated for “financial fitness.” Malden Solutions understands that many small businesses are busy, so that is where we can help. Hire us to operate your payroll services effectively so you can have peace of mind that next year’s tax season will be smooth.

Find the Right Health Insurance Solutions for Your Needs

Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.

This entry was posted on Wednesday, July 10th, 2024 at 3:54 pm. Both comments and pings are currently closed.