Small Business Tax Questions, Answered
Plain-English answers for business owners who want cleaner books, fewer tax surprises, and a better year-round planning system.
When are estimated tax payments due?
Estimated tax payment due dates vary by year and taxpayer facts, but common federal quarterly dates are in April, June, September, and January. Business owners should review estimates regularly because profit can change during the year.
What records should I keep for deductions?
Keep receipts, invoices, bank and credit card statements, mileage records, loan documents, payroll reports, and notes explaining business purpose for larger or less obvious expenses.
Should I wait until year-end to clean up bookkeeping?
No. Monthly cleanup is usually easier and more useful. It helps with tax planning, cash flow decisions, and avoiding rushed year-end corrections.
When should I consider an S-Corp election?
Consider reviewing it when the business is profitable enough that potential tax savings may exceed payroll, filing, and compliance costs. The decision should be based on current numbers.
Do I need to issue 1099s?
Many businesses need to issue 1099s to certain vendors or contractors. Track W-9s and contractor payments throughout the year so January reporting is easier.
Can SmartBooks CPA help with both taxes and bookkeeping?
Yes. SmartBooks CPA supports tax preparation, monthly accounting, bookkeeping cleanup, entity planning, and year-round advisory work.