If you’re a business owner, the phrase “tax preparation” may make you shudder. However, one of the best ways to make tax season more manageable is to start preparing well in advance. Remember, tax preparation should be a year-long process and not a period of elevated stress.
- Come Up with a System. Does part of your tax preparation process involve throwing your business’ receipts in a shoe box or the bottom drawer of your desk? If it does, stop this process immediately and start recording your business’ expenses electronically. Doing this throughout the year will save you from the hassle of going through and organizing this pile of receipts when it comes time to file.
- Back Up Your Records. What would happen to your financial records if a disaster hit your office or a computer crash wiped out your electronic accounting information? To minimize the effects of a crisis, make sure that you back up your financial records to a remote location on a regular basis.
- Don’t be Late. Many business owners make the mistake of starting the tax preparation process a week or two before the filing deadline. Don’t fall into this trap– put reminders on your calendar to ensure you are able to file with plenty of time to spare.
- Work with Us. If you’re tired of stressing about your business’ taxes, let our team at Gecinger Tax & Accounting help. We will use tools to make the process easier and give your business a competitive edge, so you can get back to focusing on your operations. Call today to schedule a consultation.