While it’s never too early to start thinking ahead about preparing your business for tax filings, it’s easy for it all to feel daunting as you try to get everything in order. And depending on how you store your files and sensitive paperwork, you may find preparing for your tax filings to be that much easier or harder.
So what are some tips on how to prepare for tax filings as a small business?
What Documents Should Small Businesses Have Ready for Tax Filings?
You’ll need to have so many documents ready that you’re going to want to put together a checklist to make sure you don’t miss anything. You’ll need all your 1099s, receipts, bank statements, credit card statements, and payroll information; it’s a lot to keep track of over time.
If you store all your documents physically, you’re going to need to take the time to organize and store them safely and securely properly. While it may sound like an easy task that once the initial organization is complete, you’d be able to maintain it with little to no effort, but that’s not the case. Proper physical filing storage can quickly become a part-time job itself, depending on your business's size.
If you’re looking to store your files digitally with a paperless office setup and haven’t begun the process yet, you’ll find that it’s a lot more involved to do it properly than it may seem. In addition to keeping your files stored in a way that they’re easy to pull up when needed, you’ll need to consider security as well. Whereas you can securely lock physical documents can be securely locked in filing cabinets, digital storage is dependent on the security of your shared network. You need to make sure documents are only accessible to those who should access them, make sure those who have access to them have secure workstations and have backups. This way, you don’t risk losing all of these essential documents be required to have when filing your taxes.
Storage Quarters Can Organize, Store, and Shred Your Sensitive Tax Documents
The Storage Quarters professionals have more than three decades of professional experience serving businesses in the NYC area. Our services extend well beyond the confines of providing needed storage space for businesses. We provide secure document storage at our Garden City facility to declutter your office space and offer you the security you need for your sensitive documents. You’ll be able to access them at your leisure for times you may need them, like when you’re filing taxes for your small business.
We also provide shredding services to securely destroy documents that you’ll no longer need to hold on to for potential audits or refilings. We have office digitization services to streamline your office and get your office setup up to date. Contact us today for a free quote and take that step towards a more office to make tax filing stress a thing of the past.