expenses

How to Prepare Your Small Business for Tax Season

  Small business owners are no strangers to stress, but the burden of filing taxes tends to take it all to another level. So, what’s the key to surviving tax season without tearing your hair out? The proper preparation can save small business owners headaches and anxiety. Make sure you’re ready to submit your return this year by following these steps. Determine what type of tax return you need to file The type of tax return you need to file depends on the legal structure of your business. If you are self-employed, or if you operate a sole proprietorship or partnership, your business income is reported on your personal tax return, otherwise known as the T1 form......