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Tax season is well over and, with the pandemic absorbing much of our time and forcing deadlines to be pushed back, you may have finally just gotten those taxes completed. Next year is gonna be a tough one too, but there are ways you can prepare now to ease the stress that comes with tax season.
Don’t believe us? Try some of these tactics and let us know next year how you did.
We know this is easier said than done but finding ways to stay organized and keep a filing system that you can easily refer to in a crunch will save you loads of time and even money on your taxes. If you can, delegate the role of keeping everything organized to one person, but keep a process in place for everyone else.
Please don’t fall for the “we’ll get that done later” tactic because it always fails. Letting employees throw their bills etc., into a drawer for someone to deal with later instead of taking the time to quickly organize and data entry the values now will only set a precedent for keeping it happening throughout the year.
As a small business, you may have until June to get those taxes done, but it doesn’t mean you should procrastinate until the last minute. As soon as you have all the numbers you need (that have been properly organized and filed circa the tip above), get that paperwork done and out of the way so you don’t feel like you have more to do down the road.
It can also be beneficial to get your employees’ tax slips etc. out of the way prior to when you start doing your own taxes. Again, if you have the time, use it efficiently so you’re not scramming later and you don’t have to worry about the Labor Board as well as the “tax man”.
If you’ve been doing your taxes on your own until now, you may be missing out on deductions that could save you hundreds of dollars on your business tax returns. If you can, buy a book that provides you with all your state and federal savings. If you can afford more, find a small business accountant or bookkeeper who has experience working with businesses like yours. You don’t need to hire them onto your payroll, so you save money and could possibly deduct some of their fees from your taxes.
Do you have any great tax tips? We would love to hear them below in the comments!