From the Executive Director

Three months into the year and you should be ready to file you tax forms for your business. For small businesses, there are many tax options and deductions available for you.
Starting your taxes begins with being organized. Tax season can get overwhelming. By now you should have organized your receipts, records and tax documents. You should have files all tax forms like 1099s, W-2s and any other you may need. Organization is the key when asking a tax professional to help file your tax return, as he or she will be better able to define relevant deductions.
Ready to get started on your taxes? Make sure you are filling out the correct forms. Tax forms for all businesses are the not same. This will depend on the type of business you have. For example, a limited liability company (LLC) which is a flexible form of enterprise that blends elements of partnership and corporate structures will use a 1040 individual income tax form. This is because LLC are legal company that provides limited liability to its owners. C Corporation and S Corporations will be different simply because a C Corporations is taxed separately from its owners while the S Corporation is not taxed separately. Most major companies (and many smaller companies) are treated as C corporations for U.S. income tax purposes.
Tax updates are can change your filing and can impact your business. This year the IRS introduced the 1099k form. This will be used by the IRS to make sure that small businesses, which often times don’t report all of their revenues, will not be able to hide them from the IRS anymore. Some small companies do not report all of their credit or debit card revenues or revenues from third party payments like Paypal. If you are a small business you should have received this form through the mail. If you did not receive it, contact the IRS.
Need deductions, how about increasing your contributions. Contributing to an IRA can still help you by lowering your taxes and the contribution in the retirement account will compound tax-free.
Lastly, I would not attempt the taxes myself, use a professional to make sure you receive all the benefits and deductions you have coming. There are many deductions you use like business gifts, office supplies, parking and postage to name a few. Good luck with the taxes.