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Take The Hassle Out Of Tax Season
Wednesday, February 27, 2019

Tax season certainly breeds its own intense levels of anxiety for many small business owners. Preparing for tax season in the right way can save you valuable time and arm you with useful information that can enhance your business’s future efficiency and success. To help alleviate some of that stress, we have come up with some tips to make filing your taxes a little less overwhelming.

It Pays to be Prepared
Keep all of your finances organized before the season begins. If you don’t have access to an accounting software, keep your receipts and bank statements in monthly file folders. Block out a couple hours in your calendar each month to reconcile your bank and credit card accounts by matching receipts with bank statements. This will drastically lessen the work load when it comes time to file.

Know Your…

Forms: Make sure the forms you are filling out accurately match your business structure, saving you time from having to redo any work. Click here to find your correct tax form.
Deductions: A business expense is considered to be tax deductible if it is ordinary (common and accepted in your trade or business) AND necessary (helpful and appropriate for your trade or business).
         -    Review at these 5 Myths About Business Tax Write-Offs to be sure you’re on the right track.

Analyze Your Return
When you review your tax return, you can determine your businesses strengths and weaknesses. Analyze the return with a tax professional or on your own to see where you can improve your business moving forward.

The U.S. Small Business Administration maintains a guide on navigating the tax code and staying up to date on your tax responsibilities as a business owner.




 
 

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