2017 Quick Tax Guide for Small Businesses

For most small businesses, the few months of the year means preparing for the tax season. They have to finalize the previous years’ invoices, receipts, and other documents for tax filing. However, before you meet with your accountant to prepare your tax returns, here are a few things you should know regarding the tax season 2017.

About the Tax Season 2017

The most important thing that you should keep in mind is that the deadline for filing taxes has been changed this year. The filing dates of Partnerships and S-Corps have been moved up, while C-Corps’ filing dates have been pushed back.

The due date for Partnerships (Form 1065) and S-Corps (Form 1120-S) has been pushed up from April 15 to March 15. Also, the filing date of C-Corps (Form 1120) has been pushed forward from March 15 to April 15.

Make sure that you keep the new deadlines in mind when preparing for the current tax season. Small businesses that miss their deadline for filing taxes will have to ask for an extension from the IRS. That being said, the taxes are still due on the tax day even if the IRS grants an extension, and any money owed to tax collection agency must be paid.

Tips to Prepare QuickBooks Online for Tax Time

QuickBooks Online (QBO) can make the process of filing taxes super easy for the accountants. Almost everything that you need to enter into the tax returns will be available in the QBO accounts. But you need to ensure that the accounts accurately reflect the transactions carried out during the year. This is a critical step. Otherwise, if the IRS finds any errors such as missed transactions during an audit, you will have to pay a hefty fine.

The first task that you should do is review the accounts and ensure that they correctly reflect actual transactions. Make sure that all the credit and cash transactions are entered into the accounts. Also, you should review the accounts and ensure that the transactions have been categorized correctly. Here are some of the other things that you should specifically look at when reviewing the accounts.

    • Transactions recorded to uncategorized expenses and income
    • Duplicate Transactions
    • Old balances in the account receivable and payable,
    • Old balances in the undeposited fund’s accounts

Next, you must review the profit and loss report and balance sheet to ensure they accurately reflect the transactions entered. Also, don’t forget to reconcile and update the bank account.

Once the above steps have been completed, call your accountant to prepare the tax returns. Remember that taking these steps will make the tax process straightforward and uncomplicated. You will save your accountant time and you will save money. It will also ensure that tax file doesn’t contain any errors, thereby, avoiding the need to pay the large fine to the IRS.


Welcome to our New Site!

The Brilliant Solutions Group provides unparalleled accounting and tax services, but we endeavor to do more for our clients. This blog is a way for us to give you more by providing you with training resources, software information and other articles geared towards running a small business. Our blog articles are written by the Brilliant Solutions team and aim to help you navigate the in’s and out’s of running a small business. We will be posting about Intuit products, Quickbooks tutorials, information about small business taxes, accounting and more. This blog is just one of many new features to our website.

Speaking of new things, you may have noticed an overhaul of our site. We have given our website an entirely new look and feel and the content has been completely updated. Our user interface has been redesigned to create a much more pleasant user experience for you. The site will continue to undergo some changes as we add in detailed pages to better inform our visitors about our products and services. We have also initiated a digital appointment system, provided by Demand Force, which makes appointment setting simple and efficient. To schedule an appointment just visit our contact page . With our new appointment system you can choose to review our services, get email confirmations and appointment reminders, sign up for the monthly newsletter and receive special promotions. Finally, our new monthly newsletter will keep you up to date with the latest happenings at Brilliant Solutions Group including blog previews, events, product specials and more.

We sincerely hope you find the new website, blog and newsletter helpful. We’d like to invite you to take this opportunity to explore our new site or schedule an appointment by visiting our contact page. Don’t forget, Brilliant Team loves your feedback! Please tell us what you think by leaving a comment below or send an email to info@brilliantsolutionsgroup.com.


The Brilliant Team