Americans failed to pay $688 billion worth of taxes on their 2021 finances, and this figure alone underlines just how complicated filing business taxes can be. Combine this with the associated processing and refund delays, and you start to understand how complex and frustrating the whole process is. Furthermore, there are a wide range of tax penalties awaiting those businesses who fail to declare their taxes correctly. This means it’s crucial that you know how to file business taxes in the USA. And you can help your cause by working with a virtual assistant.
Why Do You Need to File Your Taxes?
It’s estimated that, in 2022, the IRS had to assess close to $23.8 billion worth of taxes which were not filed timely. They then had to collect $2.3 billion in delinquent returns. The main result of this is that it can cause financial chaos for your business. And in some cases, hefty criminal charges can be launched. Therefore, it’s in your best interests to not only file your business taxes in a timely manner, but also with the highest degree of accuracy.
But understanding how to file business taxes in the USA is easier said than done. Up to 37% of small business owners admit to feeling anxious about handling tax returns. This is because, unfortunately, learning how to complete tax returns isn’t something most people have studied before starting a business. As a result, many business owners struggle when it comes to dotting the i’s and crossing the t’s correctly on their tax returns. Luckily, Pineapple wants to help business owners file their taxes, and we want to make it as painless and smooth as possible.
All You Need to Know About Virtual Assistants
If you feel that you’re never going to get your head around how to file business taxes in the USA, then it may be worth turning to a virtual assistant. But what is a virtual assistant? And how do they work? Well, Pineapple has all the answers.
Virtual assistants first started making headlines at the dawn of the 2010s, and it was all thanks to the development of high-speed internet connections. Previously, the slow speeds and unreliability of internet connections had meant remote working was out of the question for most businesses. However, with progress comes opportunity, and internet technology was now available to facilitate remote working.
No longer did your assistants have to undertake a commute to your workplace every day. Instead, they didn’t even have to venture outside their front door. With a high-speed internet connection at their disposal, they could suddenly connect with your organization through a PC with just a set of login credentials. And this opened global possibilities when it came to recruiting employees. With the need to commute eliminated, your employees could be based anywhere on the planet.
Naturally, the simplicity and flexibility of a virtual assistant also provides an attractive range of benefits for employers. This is why the Covid-19 pandemic accelerated the growth of the virtual assistant industry. These benefits range from cost savings – estimated to be up to 78% per year – through to the possibility of 24/7 coverage for your business and a wider pool of talent to choose from. Best of all, virtual assistants can slot into any industry.
How Can Virtual Assistants Help with Filing Taxes?
Virtual assistants are industrious and capable of completing numerous different duties to a high standard. So, if you want to know how to file business taxes in the USA with the minimum of fuss, it makes sense to connect with a virtual assistant. Part of the problem with filing taxes is the sheer amount of time involved, for a small business this is estimated to be 82 hours and at a cost of $2,900. But with a virtual assistant backing you up, it becomes much easier.
Virtual assistants can help in almost any area, but when it comes to taxes, they can be focused in the following areas:
Maintain Accurate Records:
Understanding how to file business taxes in the USA successfully relies on detailed financial records. After all, businesses need to contend with income, invoices, expenses, and receipts. And this data quickly adds up. However, you can keep on top of this by working with accounting software such as Intuit QuickBooks, Sage, and Zoho Books. Virtual assistants trained in these software packages are readily available, and this means you can ensure your financial records are easily accessible and simple to understand.
Tax Law Compliance:
It’s important your business fully understands how to comply with the various tax laws and regulations both nationally and at a state level. These can often change, so keeping tabs on this can be time consuming. But with a virtual assistant on your side, this is a duty which can be safely delegated. They can dedicate their time to researching the tax regulations which affect your business and ensure they are complied with. This minimizes the chances of mistakes with your tax filing, speeds up the return time, and avoids any penalties.
Track Expenses:
One of the most integral aspects of filing taxes involves expenses. These are the costs your organization incurs while conducting business. Crucially, these are tax deductible, and can help offset your part of your tax bill. But expenses, which can range from parking costs through to equipment purchase, quickly mount up. And tracking all of these is almost a full-time job. Thankfully, a virtual assistant can quickly get to grips with tracking expenses by creating a tracking system which can categorize expenses and document them with the relevant receipts.
Support Your Accounting Team:
When it comes to tax season, your accounting team are going to be working around the clock to complete your taxes. And this can seriously compromise their health. This means you need to know how to file business taxes in the USA without burning out your team in the process. Virtual assistants solve this problem with ease. By bringing them in, your accounting team can delegate less important administrative jobs and concentrate on their core focus: filing your taxes.
Open Communication:
Completing your taxes successfully relies on good, open communication, but this often fails to materialize. A virtual assistant, however, should be able to establish and maintain effective communication channels relating to your tax returns. They can create status reports to highlight the progress of your tax filing, point out any potential problems, and chase for any outstanding paperwork. It’s an approach which succeeds due to its persistence, and ensures that everyone in your organization knows where they stand and what’s required from them.
Best Security Practices:
Handling your organization’s financial records requires a lot of responsibility. And with 82% of small businesses using accounting software, you can rest assured your tax records are stored electronically. Accordingly, falling victim to any form of cyber-attack can spell disaster for your tax returns. Knowing how to file business taxes in the USA, therefore, relies on your ability to minimize the risk of data loss. Virtual assistants are fully trained in the best cybersecurity practices – such as creating regular backups and understanding the telltale signs of malware – to protect your tax data.
Deadline Management:
If your business misses its tax deadline, you run the risk of being hit with a failure to file penalty. This can start as either 5% of your unpaid taxes for each month or, where your tax return is late, part of that month. Regardless of the size of the penalty, no business wants to be fined. As such, you need a clear strategy and plan to meet your deadline. Luckily, virtual assistants come with a wealth of experience when it comes to tackling tax deadlines. Thanks to this experience, they can create comprehensive timelines to follow and make sure your taxes are filed long before the deadline.
How to File Business Taxes in USA with a Virtual Assistant
If you want your 2024 tax filing to be a success, you need to let a virtual assistant show you how to file business taxes in USA. Thanks to their unparalleled experience in administration and the complexities of the tax system, they can make a significant difference. The result is that your risk of being issued penalties for late or incorrect filings is reduced. But how exactly do you bring a virtual assistant into your team?
The popularity of virtual assistants has certainly risen in the last decade, but many businesses are still unsure of how to get started. The good news is that, if you’ve got this far in the article, you’re in the right place. Pineapple is an established VA company who has been connecting businesses with the very best virtual assistants for years. This has allowed us to grow a substantial list of contacts and put us in a position where we can offer a global pool of talent to organizations.
For every business, there’s the ideal virtual assistant. And we can help you find this perfect fit. Available at highly competitive rates, our virtual assistants can make the difference when it comes to filing accurate tax returns in a timely manner. So, if you want to make 2024 your most hassle free tax year, just click here to start your journey with Pineapple.
