Once holiday celebrations come to an end, small business owners often dread tax time. Paying out a significant percentage of the year’s income is stressful enough, but tax season also brings with it a great deal of difficulty and confusion.
Common, innocent mistakes and oversights in completing required forms can lead to large penalties. Meanwhile, it’s not easy for small businesses to stay on top the rules.
Getting help can make the process as smooth as possible for you. Below are 3 tips to help you keep your cool as the April 15th tax deadline approaches:
- Small business owners should not do their taxes on their own. There are tax solutions that help you so avoid the guesswork. Besides using an accountant or a tax service, check out online and PC software. There are tools for every business owner that they can engage in and are specifically created with small business taxes in mind.
- Keeping all your sales records and checking them twice will be a huge help in the event of an audit. Sales tax audits produce fear in the minds of small business owners, but this doesn’t always have to mean doom and gloom. Take the time throughout the year to keep accurate sales records accurate. If an auditor sees that you have all the backup information they request, you could avoid penalties or future audits.
- There are many deductions that work to your advantage. Tax laws are complicated, but a tax professional can identify tax breaks and deductions you might otherwise miss.
Despite all of the diligent work in preparing your tax returns, you may still have a hefty bill to pay state and Federal agencies. Our clients have discovered that there are many uses for extra cash in the spring season. One is tax payments, while others relate to facility upgrades, new equipment, payroll, and more. Feel free to call us, if we may be of assistance to you.