One of the biggest tax season stressors is organizing and gathering documents. At Polaris, we simplify this process through our advanced TaxDome system, which tailors an organizer to your unique filing needs. Here’s a guide to help you stay on top of everything before filing.
Essential Tax Documents to Prepare
- Income Statements
- W-2s for employees and 1099s for contractors or freelancers. Don’t forget investment income statements (1099-INT, 1099-DIV) and any Social Security or unemployment benefits.
- Expense Records
- If you’re a small business owner, gather receipts and records for deductible expenses like office supplies, advertising, and rent.
- Home Office Deduction Information
- For those working from home, provide the square footage of your office area and total home square footage. Our TaxDome system will walk you through each required detail.
- Charitable Contributions
- Collect donation receipts to claim charitable deductions. Ensure they’re from qualified charities and that each receipt is dated.
How Polaris Streamlines Document Collection
Our TaxDome organizer adapts to your answers, making it easy to submit everything needed securely and on time. With our secure digital portal, you can upload documents, track filing progress, and communicate with us directly.
Conclusion
Getting organized for tax season doesn’t have to be a hassle. With Polaris’s tech-forward approach, we make document collection and filing seamless. Schedule your tax consultation today and experience an easier tax season with Polaris Tax & Accounting.
3. Quarterly Tax Deadlines and How to Stay Compliant
Introduction
For many small businesses, quarterly taxes are a critical part of staying compliant with the IRS. Missing quarterly deadlines can lead to penalties, which is why Polaris Tax & Accounting offers ongoing tax support to keep your business on track. Here’s an overview of quarterly tax deadlines and tips to stay compliant.
Quarterly Tax Deadlines
- April 15: First quarter estimated taxes due.
- June 15: Second quarter estimated taxes due.
- September 15: Third quarter estimated taxes due.
- January 15: Fourth quarter estimated taxes due (of the following year).
Tips for Staying Compliant
- Set Reminders
- Use calendar reminders or digital alerts to avoid missing deadlines.
- Track Income and Expenses Year-Round
- Keeping up-to-date records simplifies quarterly filings and helps you adjust payments as needed.
- Work with a Professional
- Polaris offers quarterly tax support, helping you prepare estimated payments accurately to avoid penalties.
Quarterly taxes don’t have to be overwhelming. Polaris’s tax preparation services make compliance easier, ensuring timely payments and accurate calculations. Schedule your quarterly tax planning session with Polaris today and let us handle the details.