If you own a business in Mount Laurel, NJ, then you know how hard it can be to keep up with all the necessary tax filings and payments that the IRS requires. Non-compliance could lead to hefty fines, penalties, and even legal action. The last thing you want is to be classified as a non-filer business. So, to ensure your business stays compliant with the IRS regulations, read on.
1. Know what tax forms your business needs to file.
There are many different tax forms that your business may need to file depending on your business structure and industry. You can use the IRS website to determine which tax forms your business needs to file. Be sure to consult with a tax professional if you are unsure which tax forms to file or have any questions.
2. Keep accurate books and records.
Keeping accurate financial records is key to staying compliant with the IRS. You must maintain records that support the information on your tax returns for a minimum of 3 years. This includes receipts, invoices, canceled checks, and bank statements. You should also keep a copy of your tax returns and any related schedules.
3. Make timely tax payments.
Make sure you make your tax payments on time. Even if you can't pay the full amount, you should still file your tax returns and make an arrangement with the IRS. This will help you avoid penalties and interest charges. If you need help with payment arrangements, consult with a tax professional.
4. Keep your business separate from your personal finances.
As a business owner, it's important to keep your business finances separate from your personal finances. The IRS will not look kindly on you if you mix your business and personal finances. You should have a separate bank account and credit card for your business expenses. This will help you keep accurate records and make tax filing easier.
5. Consult with a tax professional.
If you're not sure how to ensure your business stays compliant with the IRS, consult with a tax professional. They can help you navigate the tax regulations, file your tax forms correctly, and advise you on the best tax strategies for your business. It may cost you some money, but it could save you a lot of stress and avoid costly penalties.
If you own a business in Mount Laurel, NJ, staying IRS compliant is crucial to avoid penalties, fines, and legal action. You can stay compliant by knowing which tax forms to file, keeping accurate financial records, making timely tax payments, keeping your business finances separate from your personal finances, and consulting with a tax professional. By following these simple steps, your business can avoid the risk of being classified as a non-filer business and stay in good standing with the IRS.
For more information, here is 7 Secrets the IRS Doesn't Want You to Know.
309 Fellowship Road
Mount Laurel, NJ 08054
Tel. 973.840.7350
Fax. 347.344.6942
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