subject: About Monitoring Your Taxes [print this page] About Monitoring Your Taxes About Monitoring Your Taxes
If you are a business owner then you should probably are dealing with taxes. Paying taxes is your legal obligation and therefore should be done efficiently and accurately. Although the tax is being handled by your accountants and bookkeepers, it is still important that you keep track of your business' taxes since it is your business after all.
To make sure that you are updated with your taxes, there are several things that you should consider.
One of the easiest ways on how to monitor your business' taxes is by creating a calendar and marking on the dates when your business' taxes are due. Include all types of business taxes to ensure that you are not missing a single thing. Also you can note of the date on when you should file and pay annual taxes such as unemployment taxes and the likes.
It is also important that you review all the tax forms that you receive on the mail. This is to ensure that there are no discrepancies with your taxes. It will really help if you have basic understanding on how taxes are being computed so that you will not have a hard time understanding and analyzing your own business' taxes.
Recording everything in your accounting book is also important. Also, setting up your own payroll system is recommended in order for you to track all your employee's salaries and taxes. This is important since you are responsible in paying for their taxes. In other words you are the one who pays their taxes to the appropriate government agency that is why it is very much important that you keep track of this.
Lastly, you should put all your tax documents in an archive so that you have be able to easily access them whenever you need them.
