Form W-9

Steps to Prepare Your Business for Different Tax Periods

Recently the Internal Revenue Service has announced that new tax season will open on Monday, January 29, 2018. This day the IRS begins accepting tax return documents. Individuals who plan to submit these forms before opening day may do so without any troubles. However, that doesn’t mean that the process will be automatically streamlined. All the necessary actions will start when the IRS system opens.

The deadline to submit 2017 tax returns is April 17, 2018. Before now the deadline was April 15 but this year it falls on a Sunday, and April 16 is the Emancipation Day, a legal holiday.

The IRS accepts both electronic and paper documents. However, paper examples will be reviewed later since system still continues updating. That’s why the Internal Revenue Service stimulates taxpayers to submit their returns electronically in order to get faster refunds.

Important period is at your door. Gather your thoughts and energy to face it with dignity. Read tips below to be better prepared for tax seasons.

Pay Attention to Deadlines

We have discussed main deadlines in the first paragraph. However, there are some nuances pertaining different documents you may need to complete.

  • Forms 1099 and W2 should be filed before February 2. It is frequently required to submit w9 tax form too. These documents are necessary for corporations or businesses paid independent contractors or employees who earned more than $600 in 2017. Don’t forget to provide your workers with these forms on or better before February 1.
  • Submit individual and partnership tax returns before March 16.
  • Corporate Tax Returns are due to March 15.
  • April 17 is a deadline for filing individual or sole proprietor tax returns, or apply for a payment extension.

Store Your Receipts Online

More and more corporate structures have streamlined their business processes by implementing digital workflows. Alleviate the hassles that come with document workflow using electronic means. Save your time and nerves by storing your receipts and other documentation online.

This way you can get access to necessary files wherever and whenever is needed. All you need is an internet-connected device.

Prepare Your Documents Online

Nowadays you may find all important IRS forms on the Internet and complete them instantly. Different websites provide you with the opportunity to sign documents electronically and submit them to recipients via email, fax or even sms. Go paperless and streamline the daunting complexity of tax periods with the help of digital workflow.