Tax Season Done Right

By following these four simple steps, you can take control of the tax preparation process, reduce your time spent on tax return preparation, and get back to running your business.
Latest posts by Bruce A. Willey, J.D., C.P.A (see all)

Tax season is upon us, and you may be looking at the stack of tax forms on the corner of your desk with fear. Unfortunately, it is just so easy to wait, to put it off, to procrastinate.    

But don’t! By following these four simple steps you can take control of the tax preparation process, reduce the time you spend on it and get back to running your business.   

1. Don’t Procrastinate!

Taxes are due eventually, whether you like it or not. Waiting only makes the process more burdensome. We all know the longer we wait, the more difficult starting something becomes.

2. Gather Your Documents.

Before 2010 gets too far down the road, take a minute to accumulate your 2009 records into a central location. The records to keep include credit card bills and receipts, purchase agreements, tax correspondence, bank statements, etc. These don’t all have to go to your tax preparer right away, but if they are available in one spot, it sure makes things simpler for both of you if a question comes up later.

3. Clean Up Loose Ends.

Every business has those items at end of year that didn’t quite get finished. Spend some time completing them. Is this receivable going to be collected? How did I classify this purchase on the computer? How long was that Service Agreement for? Waiting any longer to wrap up loose ends can make the task more complicated and time-consuming.

4. Know Your Deadlines.

There are multiple types of tax reports due at this time of year including, employment, sales and use, and income taxes. Know when the different reports are due and get information to your tax preparer as soon as possible.

You and your tax preparer are very busy this time of year. By getting your information together and into the hands of your preparer as soon as possible, you help insure your tax materials will be timely and accurately filed. Another positive benefit of being proactive is your work for the past year is complete and all your energy, effort and attention can be focused on the future.

Total
0
Shares
Previous Article

The Art of Getting Buzz in Entrepreneur Magazine

Next Article

13 Steps to Building a Consumer Insights Factory

Related Posts
supply chain
Read More

How to Keep Vendors and Clients Happy During Supply Chain Hiccups

Supply chain breakdowns are happening due to global disruptions, rising costs and increased consumer expectations. Businesses can't always stop supply chain hiccups, but they can learn from them and limit their impact on vendors and clients. How a business responds to a supply chain issue can have far-flung effects. A company that is proactive and...
Read More

How to Support Employee Mental Health and Avoid Startup Burnout

When it comes to finding the right job — and staying there — candidates are looking for a lot, especially in a virtual setting. Gone are the days where foosball tables and free snacks constituted benefits. Of course, we still love them, but there has to be more that matters. People are primarily looking to...
top fintech startups
Read More

Top Fintech Startups in the Midwest 2022

The Midwest is rapidly becoming home to some of the best fintech startups in the country. Chicago, for instance, is becoming a top tech hub for fintech startups, seeing massive growth and funding for its companies. In Columbus, the city’s long history with top banking institutions has created a fertile ground for fintech startups to...
startup team
Read More

5 Strategies for Building a Great Startup Team

The way you treat your employees, their time, skills and abilities in the early phases of your union as a team influences the rest of your company's course of action. Mark Zuckerberg once said, "The most important thing for you as an entrepreneur trying to build something is, you need to build a really good...