You must realize that tax preparation is a year-long process, which means you must plan ahead and keep all your expenses and deductions verifiable via the meticulously organized process of recordkeeping. Each and every invoice and receipt your company receives throughout the year should be filed and kept. You can choose the keep this documentation in a physical file, or you can store it digitally.
Do your homework thoroughly. The more informed you are about federal and state-specific tax responsibilities, the better.
Find out everything there is to know about:
- payroll tax
- sales tax
- corporate taxes