5 Tips to Reduce the Stress of Your Tax Day
What Business Owners Should Do Now to Make Filing Taxes as Easy as Possible
Tax season is over for most of us. At least the filing crunch. Unless you asked for an extension.
But is tax season ever over?
If you are a business owner or entrepreneur, the answer to that question is NO. One year rolls into another. When we do well, our profits increase and our expenses level out. Simple steps early in the tax year can save money on Tax Day.
What Can You Do to Stay on Track to Meet the 2018 Deadline of Tuesday, April 17th?
Yes, just like this year, the 15th falls on a Sunday in 2018. Monday the 16th happens to be Emancipation Day. Our tax filing deadline can’t be on a holiday or a weekend day, so we get two extra days to file. Wouldn’t you rather spend that time celebrating, instead of pouring over receipts and invoices?
5 Tips to Reduce the Stress of Your 2018 Tax Day
- Get Organized
Divide your paper piles into those that you want to (or must) keep, another for scanning, the next for trash and the last for shredding.
- Create Special Folders for all your Important Papers and Tax Documents
Setting up an efficient filing system can keep your desk free of extraneous paperwork, year-round.
- Enter Expenses Monthly
If you are like a lot of people, you may hoard your expense receipts, giving them to your bookkeeper quarterly or twice a year. You save them, unsorted in a drawer, or a storage box. Do everyone a favor. At a minimum, set a monthly schedule for receipt submission and data entry, and stick to it. If you have employees, this will serve as a good example for their expense reports, too.
- Take a Good Look at Your P & L for 2017
You’d be surprised at the number of people who don’t review their monthly business expenses carefully. If you fall into that category, now is the time to analyze trends, review your monthly automatic bill payments and decide if those yearly automatic renewals are still relevant for you.
- Do Advance Tax Planning Now
If you haven’t already done so, this is a great time to seek the advice of a professional tax preparer. You can discover what steps to take in 2017 to reduce your overall tax liability. Choices you make during the year and life events may have a substantial impact on the taxes you pay.
Choosing a tax preparer is an important step. You’ll want someone you can trust. The person, or firm, you choose will become a trusted advisor assisting you with your tax planning decisions. Take the time to choose wisely.
Free Tax Filing Review
Did you know that you can sit down with me and I’ll be happy to review your 2016 filings at no cost and no obligation? We can also review your profit and loss report at the same time. Give us a call today, to schedule your appointment in our Corte Madera office.