If you are interested in learning more about the importance of bookkeeping services, consider how an accounting firm can help you and your business with this in-depth process. According to the National Taxpayer Advocate, the average small business spends approximately 2.5 billion hours each year preparing tax returns or responding to IRS inquiries about their returns. Having bookkeepers opens up a significant amount more time for businesses to focus on making other aspects of the company thrive. Bookkeeping services can include tax services, monthly bookkeeping, and quarterly bookkeeping for those who may be involved with quarterly tax expenses that are due. Quarterly bookkeeping includes reviewing all bank and credit card accounts, reviewing and making quarterly income and sales tax payments, and also making quarterly payments on the payroll.
Paying quarterly taxes on a proper time schedule is important for avoiding any issues with the IRS with fines and penalties. You should consider setting aside a schedule for the dates and months that you are going to follow and try to set aside the money ahead of time. For more information, consider contacting a business that deals with tax preparation Tulsa, OK residents can recommend.