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    5 Replies Latest reply on Nov 4, 2008 1:33 PM by Santa Fe CPA

    When do you prepare your taxes?

    Tori Scout

      Hi Community,

      When do you personally prepare and file your taxes for your small business?

      • Are you proactive and have everything wrapped up at year end?
      • Do you complete everything in Q1?
      • Do you apply for an extension?

        • Re: When do you prepare your taxes?
          DomainDiva Ranger
          I have an accountant that takes care of everything...on time.
          • Re: When do you prepare your taxes?
            macklamm Wayfarer
            very pro-active and have them ready for year end - then just leave everything for my accountant to check and file means i can concentrate on the new accounting year and whatever it brings without have the year before hanging on me
            • Re: When do you prepare your taxes?
              LUCKIEST Guide
              When do you prepare your taxes??

              Like my father before me April 14. He always waited for the last minute.

              In 1969, he prepared his taxes on February 26. (Why I do NOT know)
              That night he got killed by a hit and run driver.

              True story, LUCKIEST
              • Re: When do you prepare your taxes?
                fundamentals Wayfarer

                Hi tori

                I thought it would be interesting to respond. My typical MO is to start preparation the day after the prior year's filing is mailed. The expectation is to have as much detail nailed down by year's end. However, if I need an extension I will take it.



                • Re: When do you prepare your taxes?
                  Santa Fe CPA Adventurer
                  Hello there Tori,

                  With the proper software, a small busines is continually preparing the inout for the business tax returns. .
                  It should be possible to file the income tax return within a day or 2 of the year end closing and all acrruals and adjustmensts have been entered. For example a properly set-up "QuickBooks" will map transaction accounts to the proper line on the tax return if the tax preparer is using the Intuit "ProSeries." There are other software combinations that will work in the same manner. The employment taxes also are ready to file with the completion of the payroll run. The Forms 941 and 940 are completed cumulatively and deposits can be made immediatley after the payroll ruin and timely filed.

                  Personally, even as a CPA I have somebody else prepare my own tax returns, both business and personal. and they are ready for signature and filing within 5 days after the last document has been sent to my data entry guy.