February 10, 2016 ~ Jen Cohen Crompton
It’s tax time. No really, it is.
Even though taxes and filing aren’t required until April, there is no better time than now (actually, a better time would’ve been last year, right?) to ensure your ducks are in a row and your tax time total won’t knock you off your desk chair.
If you’re like most entrepreneurs and small business owners, then this probably isn’t your most shining moment – and it also isn’t your first rodeo (but, you will do better next time). However, year after year, most business owners have to grapple with the concept of getting their books in order and ensuring Uncle Sam gets his split before the looming deadline comes and goes.
So, let’s take a few moments to mourn the loss of time spent each year on tax preparation and vow to make this year a bit different. To do that, let’s revisit some past tax tips that are incredibly relevant. But this time, let’s do it.
1. 5 Financial Moves to Prepare Your Business for Tax Season – Here is a laundry list of tips that are important for all businesses to consider when getting ready to file. Read carefully.
2. Don’t Overpay Your Taxes: 5 Can’t Miss Small Business Deductions – Who wants to overpay? No one. Business owners want (and often need) to keep as much cash-flow as possible in their own pockets. To do that, be sure you get all of your deductions. Review this list from Entrepreneur.
3. Small Business and Self-Employed Tax Center – Who knows more about taxes than anyone else? The people who require you to pay it – the IRS. When you have specific questions and want to know more about how to properly file, the IRS does have a robust resource center. Check it out.
4. Prepare Your Small Business for Tax Time – Another great resource is the Small Business Association (SBA). This year, they published some great tips about small business filings – worth a read.
For other questions or concerns, do your research and be sure to reach out to a reputable accountant. And of course, work the electronic angle this year (if you haven’t in the past) and use cloud options and keep things paperless – the more streamlined, the less severe the headache.