Tax timeline tips for small business owners
February 25, 2015

It's not uncommon for small business owners to find tax season a stressful time of the year. Some, especially those new to the industry, might think that they have to do everything themselves - from organizing payroll to complying with established and new laws to actually filing the proper forms and documents. 

However, that's certainly not the case - while entrepreneurs can go it alone easily with the help of accounting software, they could also contact professional firms for help with various processes, even business consultancy. 

Regardless of what path company leaders choose, as the time to file tax returns draws near, there are some dates everyone involved with the organization's finances should pencil into their calendars.

March 15
While April 15 is often the date most people associate with taxes, that's not the case for entrepreneurs. If a company's calendar year ends on December 31, their forms are due for review by March 15. It would behoove professional bookkeepers to keep these conflicting dates in mind and make sure they don't mix up their clients.

April 15
This shouldn't surprise anyone - April 15 is the deadline for filing consumer tax returns. This means that entrepreneurs have to be proactive about sending out W-2 forms. For an accounting professional, they should make sure their clients have all necessary records, as April 15 is the absolute last day forms can be given to the IRS. If, for some reason, individuals think they won't be able to file by then, they can ask for an extension with proof of a valid reason, something professionals should prepare for just in case.

Feb. 28, 2016
As Business News Daily explained, due to the Affordable Care Act, Feb. 28, 2016 will be an important date for company leaders. By the time March 1 rolls around next year, leaders will have had to report the cost of health care coverage per employee on each W-2 form. However, the source suggested leaders start doing that immediately for accurate records.

In actuality, small business leaders should never stop thinking about taxes. Tax season only means that the date by which they need to file is nearing - but keeping up with accounts payable and receivable, payroll, invoicing and other aspects of finances needs to be on the front-burner year-round. This way, as April gets closer, the effort entrepreneurs need to put forth will be lessened. 

This is why it might be a good idea to employ a professional accountant, or, at the very least, consult with one. These individuals are the experts who know the ins and outs of tax processes and can make owners' jobs a lot easier.

Nexus: G-WEBCD5