Tax time isn't always fun, especially for business owners. This can be a very stressful time, as you're scrambling to find receipts you forgot to organize or searching for paperwork and notes where you wrote down deductions such as mileage. To make tax time a little less stressful on you, use the tips below to help keep you organized for a smoother tax filing year.
Hire A CPA
A CPA has tax knowledge you may not have about deductions, as well as other helpful information to keep you organized. They also have knowledge about tax laws so you can file with confidence that you aren't doing anything that may trigger an audit. Doing your own taxes is stressful, and you may miss out on something that could actually lessen your tax bill. Use a CPA instead to file your taxes for you.
Filing your taxes quarterly may be beneficial to you, as you aren't holding onto your receipts for an entire year. Filing quarterly can also help prevent additional fees that could be costly. Talk to your CPA about filing quarterly to save you some money on your tax bill.
Create a notebook to save your receipts, notes and other paperwork that you need to file your taxes. Use a notebook with folders or other ways to separate your receipts so you are more organized when it comes time to file your taxes. Tossing receipts into a drawer or a box is not an organized system. This is just going to create more work for you later. Stay organized throughout the entire year to make tax time less stressful on you and to save time.
You can also use a program that helps keep you better organized. If paper receipts just aren't your thing, keep them, but type the receipt information into the program to keep track of purchases made or expenses.
Set Aside Time
Take time out of your work schedule and actually set aside time for your taxes. Take time to keep yourself organized and to file your taxes. You're going to need time, as filing taxes isn't usually a quick process. Even the most organized business owner will need time set aside to file their taxes. You want to go over everything with your CPA so you know you're getting all of the deductions you may qualify for. You should also be available if your CPA has any questions for you, so set aside the time.
Filing taxes, whether you are filing personal or business taxes, can be a stressful time. Hire a professional to do the tough work for you, stay organized, and set aside time to get your taxes done.Share