Once again, the season is changing and so is your small business’ bank balance. Tax time is here, and you’re probably fretting over your quarterly payment. If this is a struggle for you every three months, you may want to look into ways to make filing your business’s taxes easier. Here are four of the most popular tips.
Get In Touch with a CPA
You wouldn’t try to give yourself a dental checkup or a legal consultation; what’s so different about filing your taxes? Unless you have accounting skills or an unusually simple tax situation, hiring a professional could save you time and money. Find a CPA whose prices and services fit your business; they deal with these issues for a living. TalkLocal may help you find an available CPA in your area.
Find Software that Works for You
Quickbooks is a lifesaver for many small business owners, but fear not if it isn’t your style – their monopoly on tax software is no more. Shop around for an electronic organizer that works for you; some of the biggest newcomers to the market include Xero and FreshBooks.
Keep Expenses Organized
Nobody’s perfect; chances are you’ve probably forgotten to use the company card or get a receipt for some purchase. Unfortunately, every time this happens your future taxes get a little more annoying. Keep track of your expenditures and double-check them with your bank account(s) occasionally. If you’re drowning in receipts and invoices, scan and file them electronically so that retrieval is a click away.
Stash Tax Money Ahead of Time
Too many entrepreneurs get themselves in a bind by putting off their tax planning until it’s time to pay. There are two main ways to prepare for taxes in advance: budget for your business’ total taxes over a given period of time or immediately set aside the government’s cut every time you receive a payment. One or both of these methods could save you a lot of stress on April 15.
Nobody looks forward to tax season (except maybe the aforementioned CPA’s). However, many small business owners make it harder than it needs to be by not using all the tools and strategies at their disposal. Follow our tips and you might actually be able to enjoy the beginning of spring, instead of spending it hunched over IRS forms with a calculator.
Tags: entrepreneurs, tax season, taxes
