If you've decided to open up an online business, don't let your business taxes get away from you. Many people fail to consider the taxes that are involved in owning an online business. Unfortunately, that can put them at serious risk for IRS problems. To make sure you don't fall victim to tax problems relating to your online business, you need to keep close tabs on your taxes. Here are four steps that will help you avoid trouble with the IRS.

Schedule Your Tax Deadlines

Now that you're opening up an online business, the first thing you need to do is schedule your tax deadlines. You might not realize this, but as a small business owner, there will be dates throughout the year where specific tax-related forms and fees will need to be provided. Failure to meet those deadlines can result in problems with the IRS. For instance, if you have employees or independent contractors, you'll need to submit your W2s and 1099s by February 2^nd of each tax year.

Maintain Proper Storage for Receipts

Once you open your online business, you'll need to ensure proper storage of all your business-related expenses. This includes the proper storage of all your receipts. Failure to save your business-related receipts will make things difficult during tax season. That's because you can't claim those expenses unless you have your receipts. If you take business-related deductions without having the proper receipts for those transactions, it could cause problems during an audit.

Keep Up-to-Date on Your Bookkeeping

If you own a small business, you can't afford to let your bookkeeping get away from you. If you're doing your own bookkeeping for your business, you need to make sure that you update your records at the close of business each day. That way, you don't run the risk that entries are missed. One of the best ways to keep your bookkeeping up-to-date, and to avoid tax problems, is to hire an accountant for your small business. When you hire a professional accountant, you know that your financial records are being maintained properly.

Identify Your Specific Sales Tax Responsibilities

Now that you own an online business, you need to identify your specific sales tax responsibilities. You might not realize this, but you need to be collecting sales tax from your customers. Not only that, but you need to do that for every state where you have a business presence. Before you run into a problem with your taxes, consult with an accountant or tax professional, such as at Balkcom Pearsall & Parrish CPA's PA, as soon as possible.

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