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News, tips, and advice for small business owners
3 Ways to Plan Now for an Easier Tax Season
With tax season over, you probably don’t want to be thinking about anything to do with taxes for the rest of the year.
We hope you were prepared, and filing your taxes was a breeze!
But if it wasn’t, and you found yourself struggling with procrastination, navigating jumbled filing systems, or scrambling for professional help at the last minute, we’ve here to help you jumpstart your process for next year.
1. Don’t Wait Until the Last Minute
If you procrastinate to prepare and file your taxes can cause many problems. If you aren’t prepared, you could miss deadlines and pay some pretty hefty fines because of it. The stress of waiting until the last minute may make you more likely to make mistakes (which generally means fines).
Saving your receipts and spending time throughout the year will make the process much easier come tax season. If you don’t regularly update documents, it’s easy to forget about expenses you could claim come tax season.
2. Know Your Deductions
Make sure you know everything you can claim as an expense on your taxes to get the most bang for your buck. If you’re constantly using your personal car for work-related activities, you may be eligible to claim the expense on your taxes. Did you start your company this year? Startup costs are another area small business owners often don’t realize can be deducted.
Many business owners aren’t aware of the different tax deductions available. Knowing what you can claim can lead to a higher return and ensure that you correctly categorize everything you should be. To save you time, we’ve pulled together a list of the top ten tax deductions for small businesses.
3. Call in the Experts
Tax season can be overwhelming and confusing, but help is available. Consider hiring a tax preparer, financial advisor, or an accountant and bookkeeper. It’s so easy to make a mistake when filing taxes – and some mistakes cost more than others. Besides the expense of your time, you may also be looking at steep costs for any penalties.
In addition to cost savings, you may want assistance to help file for an extension. While extensions are acceptable, they can be just as stressful. Getting some professional help should help you file with the regular deadline every year and avoid the stress of an extension.
Preparing for Next Year
Now is the time to make a change in your preparation tactics for next year’s tax season. Create a calendar to help you stay on top of tax issues all year round and consider bringing in the tax experts when it all starts to get too complicated. You have enough things to worry about. Don’t let tax season pull you away from your main focus: running your business.
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This website contains articles posted for informational and educational value. SurePayroll is not responsible for information contained within any of these materials. Any opinions expressed within materials are not necessarily the opinion of, or supported by, SurePayroll. The information in these materials should not be considered legal or accounting advice, and it should not substitute for legal, accounting, and other professional advice where the facts and circumstances warrant. If you require legal or accounting advice or need other professional assistance, you should always consult your licensed attorney, accountant or other tax professional to discuss your particular facts, circumstances and business needs.