Let’s be honest: filing business taxes isn’t exactly the fun part of entrepreneurship. Between running your business, managing clients, and, you know, having a life, sorting through tax forms is probably the last thing you want to do.
But here’s the deal: Taxes don’t have to be a stressful, last-minute panic attack. With the right game plan, you can stay ahead, avoid costly mistakes, and maybe even keep more money in your pocket.
Whether you’re launching your first business, filing for the first time, or scaling up, this no-fluff checklist breaks down exactly what you need to do. And if you want expert help? Insogna CPA, a trusted CPA firm in Austin, Texas, has your back.
Let’s dive in.
Just Started Your Business? Start Here.
Before you even think about filing taxes, set yourself up for success with these key steps:
1. Get an EIN (Employer Identification Number)
An EIN is like your business’s Social Security number. You need it for taxes, opening a business bank account, and hiring employees. Good news? It’s free on the IRS website.
2. Open a Business Bank Account
Mixing personal and business finances is a tax-time disaster waiting to happen. Keep things clean by opening a dedicated business checking account and credit card.
Why It Matters: Tax deductions are way easier to track when business expenses aren’t mixed in with your Postmates orders. An Austin small business accountant can help you separate and categorize expenses.
3. Track Expenses from Day One
From software subscriptions to business lunches, everything counts. Use tools like QuickBooks, Expensify, or Dext to keep records and maximize deductions.
Pro Tip: The IRS loves clean books. An Austin tax accountant can make sure yours are audit-proof.
Filing Business Taxes for the First Time? Don’t Skip This.
First time filing as an entrepreneur? Here’s what you need to get it right.
4. Know Your Business Structure (It Affects How You File)
✔ Sole Proprietor? You’ll file a Schedule C with your personal tax return.
✔ LLC or Partnership? You’ll need Form 1065.
✔ S-Corp? You’ll file Form 1120S and issue K-1s to shareholders.
Not sure which one is best for tax savings? A tax advisor in Austin can help you pick the most tax-friendly structure.
5. Gather Your Tax Forms
Depending on how you run your business, you’ll likely need:
- Schedule C (for sole proprietors & single-member LLCs)
- Form 1065 (for partnerships)
- Form 1120S (for S-Corps)
- 1099-NEC or W-2s (if you paid contractors or employees)
6. Organize Your Receipts & Income Reports
Before tax day, make sure you have:
✔ Profit & loss statements
✔ Receipts for deductible expenses (yes, that new laptop counts!)
✔ Payroll and contractor payment records
Too busy for bookkeeping? An Austin accounting service like Insogna CPA can keep your records organized year-round.
Scaling Your Business? Avoid Tax Surprises.
If your business is growing, so are your tax responsibilities. Stay ahead of the game with these steps:
7. Pay Quarterly Estimated Taxes
If you expect to owe more than $1,000 in taxes, the IRS expects quarterly tax payments. Skip them, and you’ll owe penalties.
Quarterly tax deadlines:
- April 15
- June 15
- September 15
- January 15
Pro Tip: An Austin, TX accountant can help you calculate exactly how much to pay so you don’t overpay or get hit with penalties.
8. Plan for Payroll Taxes If You’re Hiring
Bringing on employees? You’ll need to:
✔ Withhold payroll taxes and file Form 941 quarterly
✔ Send W-2s to employees by January 31
✔ Make sure you’re following state payroll tax rules
Payroll stressing you out? A CPA firm in Austin, Texas, can handle it all for you.
9. Maximize Tax-Efficient Retirement Contributions
Want to lower your taxable income and save for the future? Consider setting up:
✔ SEP IRA (ideal for self-employed business owners)
✔ Solo 401(k) (great if you’re a solo entrepreneur)
✔ Traditional or Roth IRA
A tax advisor in Austin can help you build a retirement plan that grows your wealth while cutting your tax bill.
Let’s Make Tax Season Painless.
You didn’t start your business to get buried in tax paperwork. That’s why Insogna CPA, one of the top CPA firms in Austin, Texas, is here to help.
✔ Tax prep & filing for entrepreneurs
✔ Bookkeeping & payroll tax support
✔ Tax planning so you keep more of your money..
Let’s take taxes off your plate. Schedule a consultation with Insogna CPA today!