June 22, 2016
What does a business owner do after setting up a LLC? There are many occasions that I meet with individuals during tax season that have set up a LLC during the year but did not take the appropriate steps after setting up the LLC to be best prepared for filing their business returns. Here are just a couple of suggestions on how to be best prepared for the first year filing:
1. Before setting up the LLC consult with a CPA. The CPA will be able to advise you on the proper structure and tax filing requirements.
2. Set up the appropriate accounting system. The accounting system can consist of using QuickBooks or an Excel spreadsheet.
3. Make sure to mark your calendar for filing requirements so you can forgo any underpayment penalties related to your estimated payments.
4. Ask the CPA for an estimate of the filing fees for this upcoming tax season.
5. Make sure to match the CPA with your needs. You don’t want to be a small fish in a big pond. You will want the CPA to be responsive to your needs.
These are just a couple of the steps to take when initially setting up a LLC to make sure you have a successful first year of filing your business return.