The year 2008 will officially be over in just a few more days, which means that it will be time to start getting ready to file your business income taxes.

Most employed Americans have to wait until the end of January to get their W-2 forms before they can start preparing their taxes.  Self employed individuals and small business owners don’t have to wait for that form, although contractors may be expecting several 1099 forms.  If you have decided to hire an expert to save you money on your taxes, such as cost segregation services to increase your deductions on business property, you may also need to wait for that process to be completed.

Even if you don’t have everything quite yet, however, a responsible small business owner or sole proprietor keeps good records throughout the year, and therefore you should be able to at least get started gathering everything you need on January 2.  If you have kept track of your income and expenses throughout the year, you can at least get started on some of the forms.

Filing taxes as a business owner or a sole proprietor takes more time than filing taxes as an individual, so be sure not to wait until the last minute.  The sooner you get started, the less pressure you will be under to get it done by April 15!

Technorati Tags: 1099 forms, April 15, cost segregation services, income taxes, self employed, small business owner, sole proprietor, W-2

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