Taxes and other financial business matters can seem very confusing, especially if you’re a new small business owner. If this tax season is not going as smoothly as planned, know that there are ways for you to better prepare so that you have less anxiety. These are some helpful tips on how to better prepare for future tax seasons as a small business owner.
• Start Organizing Yesterday: It’s important to keep organized! If you don’t yet have your financial documents together in a folder, you need to start as soon as possible. Take some time to go through the piles of documents that you have lying around and get them put into appropriate folders. You should also start keeping a copy of all important receipts and statements. This will be helpful when it comes time to handle your taxes.
• Hire a Business Tax Professional: Business taxes are completely different than personal ones, so they can feel a lot more complex. It’s important that you invest in a business tax professional, such as Goldin Group, to handle the filing process for you, especially if it’s your first time or you’re struggling greatly. Getting a tax professional to work with you at the start of the year can also help you keep organized and make better tax decisions throughout the year.
• Find the Best Tax Deductions: As a business owner, it can get expensive paying for daily business expenses. You can possibly lower the taxes that you owe by writing off certain business expenses. That’s why it’s important to stay on top of possible business tax deductions throughout the year.
• Consider an Extension: If your taxes and business finances are really out of order and you don’t have proper documentation, you may need to ask for an extension. According to the IRS, you can e-file for an extension, which makes it very easy to do. Make sure that you stay on top of payment dates though, as filing for an extension doesn’t allow you to pay later. This does give you time to collect more documentation and get your affairs in order.
Dealing with small business taxes and other financial decisions doesn’t have to be stressful. Don’t take on tax season alone. The tax and accounting professionals at Goldin Group can help you organize and prepare all the paperwork you need, save money on filing, reduce your tax liability, and minimize your chances of receiving that dreaded IRS letter. If you are a small business that is looking to outsource your accounting or if you need help managing any aspect of your business’s or nonprofit’s finances, we want to hear from you. Call us at (301) 913-0008 or email firstname.lastname@example.org to make an appointment.