4 Tips for Surviving Tax Season

Tax season can be an intimidating time for anyone. To make your tax season more manageable: keep a separate tax calendar, track your business expenses, classify your business correctly, and talk to tax professionals.

Create a Calendar

Make sure to keep a separate calendar for your taxes. This will ensure you don’t miss any important due dates and you can clearly see what information is needed and when it’s due. On your separate calendar, list all of your filing deadlines and when you want to have your files prepared. This will help you stay on top of your taxes.

Keep Track of Expenses 

Keep a file of all your business expenses. This can be done with a paper file or you can create a digital file for easy access. Another option is to look into accounting software, like Quickbooks. Adopting accounting software will make it easier to correctly file your taxes. You’ll be able to see what classifies as a deduction, organize receipts, and keep your business expenses organized. This can even help you avoid possible audits or save you during one!

Classify Your Business Correctly

Classifying your business incorrectly could cause issues on your future tax returns. Three ways you could classify your business are: single-member LLC, sole proprietorship, and a limited liability company. It’s best to talk to a professional and make sure you classify your business correctly to avoid future issues. 

Hire a Professional

Taxes can be difficult, and as your company grows – they get more complicated. When you start feeling like your taxes are getting out of hand, hire a professional. This is the best way to ensure your taxes are done correctly and your business receives premium returns. Make sure to look into professionals ahead of time and find one with experience in your industry. Once you find a great fit, you can use the same professional in the future so you feel confident they know your business inside and out. 

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Taxes can be overwhelming, so it’s important to stay on top of your dates and keep organized. Reach out to a professional when you’re ready for some extra help (and less stress).