Product Highlight: Tax Assist Tools

Mar 05, 2021 • 5 min read
Happy accountant using calculator to do taxes
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      The spring tax deadline often fills people with dread as they quickly pool together their receipts to get a substantial refund and avoid overpaying. Even the most prepared individuals can feel stressed out by tax filing as they work through the complicated IRS documents and seemingly endless forms. 

      This process becomes even more cumbersome for business owners who must contend with payroll, employee reporting, business deductions, and other forms. If you don’t have a background in accounting or are filing business taxes for the first time as a new company, you may be wondering how you’re going to handle it. 

      Our team at Lendio is here to help. We offer a Tax Assist service to guide small business owners through the process—so you can better understand your taxes and increase your chances of filing them accurately. Learn more about our products and services to see if they’re a good fit for your business. 

      Start With a Tax Checklist

      Sound organizational practices are the backbone of good bookkeeping and accounting. If you can pull together all of the necessary documents, receipts, expenses, and records for your taxes in a clear system, then you can quickly fill out your tax forms and know that they’re correct. 

      Ahead of tax season, we recommend looking into the bookkeeping services offered by Lendio. Within 30 days, we can onboard your business into our bookkeeping system for clear ledgers and categorized expenses. We also offer “catch-up” plans if you’ve fallen behind in your bookkeeping significantly and need help preparing your receipts for tax season. 

      Our tax checklist is meant to ensure that you have everything you need and make the information collection process easy. Work through the list step-by-step until you’re ready to file. 

      Keep Your Tax Documents Organized and Centralized

      While our bookkeepers at Lendio cannot file your taxes for you, they can provide tax forms and answer basic questions related to what’s needed to do so. Our digital service also allows you to keep these tax forms in 1 place for easy filing, sorting, and submitting. This includes documents like 1099 forms for your contractors and W-2 forms for your employees. 

      These forms can contain sensitive personal information for people that work for you, which is why it’s essential to keep them in a secure location. Not only could you put your staff at risk by keeping various tax forms in unsecured folders—you could also put your company at risk for negligence.  

      Get an Idea of Your Tax Burden With Our Estimator Tool

      A common reason why people put off their taxes, other than the complex filing process, is that they don’t know if they owe the IRS money and how much they can expect to pay. While a tax refund is always welcome, it’s rarely guaranteed. 

      Lendio wanted to take some of the mystery out of the tax process, which is why we created a tax estimator tool to help business owners get an idea of what they’ll owe. Knowing what’s expected of your company can help you set aside funds throughout the year and prevent the “sticker shock” that comes with a high IRS bill. 

      Alternatively, if the estimate is below what you were expecting, it gives you more flexibility to reallocate those funds elsewhere if you desire. 

      Important note: our tax estimator is not a guarantee. While we try to offer a clear picture of what you can expect for your taxes, this is meant to serve as a guide and not an exact bill. Your financial situation may change between the time you use our estimator and when you actually file your taxes. Keep this in mind before you make any decisions based on our estimations. 

      Take Advantage of Key Deductions and Credits

      One of the biggest issues that business owners have when they start filing their taxes is leaving money on the table. They don’t fully take advantage of available tax credits or deductions, which means they overpay and hurt their profit margins. 

      With better organization through clear bookkeeping, you can quickly pull documentation related to your expenses that proves you qualify for tax credits or deductions. Did you invest in marketing services this year? Those costs could be deductions. Did you start a retirement plan for your employees to help them save? That could lead to a tax credit

      Staying organized can also prepare your business if the IRS audits you. You can quickly pull up any necessary paperwork that the service needs to show that you filed accurately and deserve the benefits that come with it. 

      Demystify Taxes With Our Online Resources

      Our bookkeepers are happy to help sort your ledgers and categorize expenses because they want you to feel comfortable entering tax season. If you feel more informed about your taxes and are confident in your ability to file correctly, then you can reduce the amount of stress in your life related to accounting. 

      We also have a growing resource section and bookkeeping library for you to learn more about what’s involved in the process and changes to current tax processes. Check out our Bookkeeping 101 guides that define common terms or a few articles specifically related to filing your taxes

      When you’re more informed, you can make smarter decisions related to your taxes—and help your company save money. 

      Start Planning for Tax Season Before April

      If you wait until the tax deadline to organize your tax documents, you’re setting yourself up for difficulties—increasing stress and the likelihood of making a mistake. Plus, as a business owner, you have deadlines for submitting employee tax forms in January, which is an extra incentive to start planning as soon as possible. 

      If you are worried about filing business taxes and want help, reach out to our team at Lendio. Let our bookkeepers get your expenses and invoices in order so you can report accurate numbers and potentially save money with clearer insight into your deduction opportunities.

      Your business future is brighter with Lendio Bookkeeping.

      About the author
      Derek Miller

      Derek Miller is the CMO of Smack Apparel, the content guru at, the co-founder of Lofty Llama, and a marketing consultant for small businesses. He specializes in entrepreneurship, small business, and digital marketing, and his work has been featured in sites like Entrepreneur, GoDaddy,, and StartupCamp.

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