Know Your Business Tax Deadlines
Your business tax due date varies depending on the type of business you have. Don’t forget to check the deadlines that apply to you before you file. Visit the Michigan Department of Treasury’s Business Tax Filing Deadlines Page.
Gather your Financial Records.
Gather all the required information before starting your taxes. You will need any income statements, large purchase receipts, payroll documentation, card statements, etc. Organizing beforehand will help you when it comes time to file your return.
If you are in need of any Michigan Business Tax Forms, click Michigan Department of Treasury’s Tax Forms Page.
Don’t Forget About the Deductions.
Don’t forget to keep track of your deductions and organize your business expenses. Personal finance tools can help self-employed individuals keep track of their expenses and categorize business expenses from personal expenses.
Small businesses with a dedicated vehicle can deduct mileage from their taxes. Documentation is crucial. Be sure to keep track of mileage accurately. There are many other deductions available to those filing self-employed, including but not limited to:
Understand the Types of Taxes Your Small Business Will Need to Pay.
Before you file your taxes, be sure to familiarize yourself with the various types of business taxes you may need to pay. These may include corporate income tax, sales and use tax, withholding tax, etc. Don’t Hesitate to Consult a Professional.
If you’re just starting your business, a tax professional can help you understand your taxes and deductions. Are you ready to start filing your taxes? Christian Financial Credit Union Members can enjoy special savings when they file with TurboTax or H&R Block. Learn more today.
Visit the Michigan Department of Treasury’s New Business Registration Page to learn how you can register your small business for taxes.
*Please note this article is not considered tax advice, please contact your certified CPA for business tax information and advice.