34 Days Left!
Are you ready?
Tax Season Is Upon Us
In fact there are 34 days left to file on time.
Are you tired of hearing that question?
I talked about this before, and I don’t want to be a Debbie downer, but reality is many small business owners struggle with finding the time for yearend taxes and it becomes a drudgery because running a business is time consuming. So even if it is too late to implement some of these strategies this year, it’s ok, you can be way ahead of the game for next year.
I don’t need to say how important it is to stay in compliance with laws, but at the same time, you want to take advantage of as many tax break options as you can.
- Work with a certified tax professional to ensure that your business is taking full advantage of all deductions. Working with professionals will also ensure you’re staying informed with changing tax laws.
- End of the year is a good time to strategize. Do you have an HR department or office manager to make sure that your employees, full time, part time or contract, receive the tax forms they need.
- Do you use Quick books for tracking finances? Are you caught up on your previous quarters’ financials?
- This is an excellent time to create an updated projection for the final quarter of last year.
- Most small businesses pay estimated taxes based on the previous year’s figures; try to determine how the past three quarters compare to last year.
- Consider making year-end investments.
- Check for obsolete inventory or uncollectable debts.
- Donate to a charity.
As you prepare your taxes, you may want to look at your retirement offerings. Small businesses have access to specially qualified retirement plans outside of the typical 401(k) or IRA. Some programs can help you put away up to 25% of your income (up to $54,000).
Business Solutions by Design has solutions for tracking your finances. We are Not tax Accountants. Our job is to help you to be prepared for speaking to a Tax Account.
