Getting Ready for Tax Season

Tax season can be a very daunting time of the year. It involves filing, computer time, calculating and other stresses. PADGETT BUSINESS SERVICES® is here to make the process a little easier. We help with income tax, payroll tax, sales tax or any other necessary tax. Both businesses and individuals have a lot to go through when it comes to taxes. Everyone could use a lending hand. First, it is important to understand where your taxes go, important dates and what to expect for tax season. Whether this is your first time filing taxes or your tenth, tax laws change each year so it is beneficial to stay up to date.

Where taxes go:

  • Social Security support
  • Health care
  • Food stamps
  • Housing
  • Public schooling
  • Highways
  • Prisons

Important dates:

  • January 31st is when the electronic tax processing begins for the 2014 year.
  • April 15th is the deadline for filing taxes with the IRS.
  • April 20th is the last day to resubmit rejected forms.

What to expect:

  • By February, you should have received any Form W-2s from employers.
  • You will receive a Form 1099-MISC if you are an independent contractor.
  • Collection of pay stubs and other necessary receipts should be done.
  • Refund time will vary based on whether the submission process was done electronically or by hard copy (usually 21 days).
  • Higher income individuals will pay more.
  • Lower income individuals will pay less.

Changes in 2014’s taxes:

  • Different dates and delays
  • Same-sex marriages will be legally recognized by the IRS
  • Obamacare influences

As stated above, the tax filing process is updated yearly. For 2014, the IRS has posted a later start date for tax returns due to the government shutdown that occurred in 2013. For those who are used to getting a head start, you still can! Filing is done on personal time; getting this done is the first step. Organize all necessary documents so that when January 31st rolls around, you are ready.

Refer to PADGETT BUSINESS SERVICES® for any tax help. Whether this is right before April 15th or continuously throughout the year, we are more than happy to meet with you and discuss taxes. We work hard so that our clients do not have to go through the stress of tax deadlines and form submissions. Our support staff is professionally trained in preparation of tax season. Find a PADGETT office near you to get started and discover how we can personally help you.

Do you have the support you need to manage your small business bookkeeping? Contact us to schedule an appointment to speak with a local small business advisor.