It’s never too early to start preparing for tax season. As a matter of fact, starting the process early will enable you as a business owner to take advantage of tax planning that will be beneficial to your business for the next couple of months.
Here are 3 things you can do now to begin planning towards a less stressful tax season:
1. Establish and organize accounting records
Keeping organized accounting records through the year will make tax time more seamless. Doing so will also help you avoid costly clean-ups and enable you to have a better understanding of the financial position of your business throughout the year. Better understanding of your financial position will enable you to plan for expansion and growth.
2. Consider Cloud accounting
Say goodbye to shoe boxes of receipts! Technology has made running your business efficiently so much more simple. There are many options for cloud accounting software that you can choose from. By Migrating your accounting records on to a cloud accounting platform, you will have access to your accounting records at the tip of your fingers (Literally!). And not only will you have real time access to accounting data to make better business decisions, during tax time you can easily give your tax accountant access to the information they need to file your tax returns.
3. Set an appointment with your Accountant or CPA
Why wait till its tax time to meet with your CPA? Meeting with he/she mid-year may be a good idea. This will give you the opportunity to assess any changes in your business that may change your tax position in the following tax season. This is especially important if your business is growing fast and you are looking to expand. Your Accountant or CPA may also be able to advise you on tax saving strategies to implement for the rest of the year.
Are you ready to get your business finances in order? Schedule a consultation with us here!