We know tax season will never be your favorite time of year, but with the right advice, you can have your smoothest tax season where your business taxes run like clockwork. Working with an experienced accountant will make filing your taxes for your small business simple and efficient.
Over 30 years of accounting experience has taught us that preparing early for tax season is the key to ensuring a smooth filing. This post gives you five simple actions you can take now to ditch the stress and prepare for tax season this year.
Smooth Tax Season Tip #1: Clean Up Your Books
If you’re a small business owner, you know how overwhelming staying on top of your books can be. Quick turnaround times, staffing shortages, and endless demands leave you drained of the energy needed to keep up.
Fortunately, there are a few things you can do today to clean up your books for tax season.
- Categorize all your transactions
- Reconcile your accounts for accuracy
- Schedule a check-up call with your accountant
Check out our helpful blog post on how to clean up your books for extra guidance on each of these three steps.
Smooth Tax Season Tip #2: Hire a Pro
As a small business owner, you’re well-acquainted with the stress and overwhelm that comes from running your own business. The demands are endless, and the hours seem to be more limited by the day.
Can you relate to any of the following?
- The pandemic wiped a fair percentage of your staff, and now your days are backlogged with interviews and new employee training.
- You hire many independent contractors, but it’s hard to keep up with all the tax document information.
- Your business has grown by leaps and bounds, but it’s a struggle to keep up with all the expenses and deductions.
- You schedule time on your busy calendar to finally start balancing your books but feel frustrated at the disorganization.
If you relate to any of these scenarios, it’s time to hire a pro.
At Cindy’s Mobile Bookkeeping, we have over 30 years of experience helping small businesses get their financials in order. Let us help you beat the overwhelm – book a call with us today.
Smooth Tax Season Tip #3: Implement the Profit First Method
At Cindy’s Mobile Bookkeeping, we encourage all our small business clients to prepare as much as possible before submitting their tax materials for filing. You can flip the script on filing your business taxes by signing up for a Profit First tax account system.
This revolutionary system has you accounting for profit, taxes, and pay before you budget for business expenses like rent, utilities, and payroll. Does this make you feel a bit uncomfortable?
We get it! It’s hard to imagine an accounting system where you pay yourself a profit first and then budget for other expenses. But, this method makes filing your business taxes an absolute dream.
The percentages you allocate for profit, taxes, and pay are predetermined, automatically keeping you on top of your business financials. The process couldn’t be easier to implement!
If you want to learn how to start implementing Profit First and the five Profit First accounts in your own business, reach out for a consultation with us.
We’ll walk you through setting up your accounts and allocations to ensure your next tax season is the easiest one yet.
Smooth Tax Season Tip #4: Don’t Do It Alone
Playing catch-up is never a good feeling. If you’re behind on your bookkeeping, filing, or bank reconciliations, the time to get caught up is today.
Being prepared for tax season means putting in the hard work today so you can breathe easy knowing you submitted your filing with all the correct information. But most small business owners find life gets in the way of getting caught up on their books.
If you don’t have the time or energy it takes to ensure your books are ready for tax season, it’s time to find support.
Book a free consult to work with us on determining what’s accurate and what needs improving in your accounting records.
Smooth Tax Season Tip #5: Maintenance
The secret to a smooth tax season year after year? A good system! Once you’ve refreshed your books or worked with a qualified bookkeeper to get you up to speed, it’s time to check your existing systems and processes.
You know your accounting is the key to running an efficient small business. Yet, most business owners say this is the most inefficient process in their day-to-day operations.
My goal is to make your life as easy as possible with one-stop-shop accounting services. If you’re ready to implement efficient business processes to make tax season a breeze and help your bottom line, book a free consultation now.
Maintaining your books throughout the year doesn’t have to be cumbersome. I’ll help you implement efficient and simple accounting systems that save money and make filing taxes the easiest business task you’ll complete all year.