Tax season can be a headache, especially for startup and small business owners. With what seems like millions of forms to fill out and decisions to make, you can quickly begin to feel over your head, even if you’ve hired an accountant or other financial professional to help. We may not be able to make doing taxes for your business fun, but the three tips below will make the whole processes more efficient and less stressful.
- Make a plan.
Even though you are most likely paying someone else to do your taxes, you still need to have a grasp on your filing plan. Of course the financial professional will take care of the nitty-gritty details of your taxes, but you need to be involved in defining your business, determining your business income and more. The more knowledge you have about the process, the better you can help your accountant make the right decisions for your business. This article outlines several points you need to take into consideration.
- Do your research on deductions.
By not carefully researching deductions, you could miss out on thousands of dollars. Everything from your car to startup costs to hiring your own child could be eligible for a deduction. Head here and here to learn how you can hold on to as many dollars as possible this tax season.
- List it out.
To make filing taxes as smooth and stress-free as possible for either yourself or your accountant, go through this checklist and make sure you have everything you need before you begin. Want more info? Head to the IRS Small Business/Self-employed page for rules, forms and an A-Z index on filing your taxes.