Avoiding Mistakes On Your Small Business Taxes

Avoiding mistakes…does anyone really like tax time? As accountants, we appreciate the “busyness” of the season and being able to serve our clients. That being said, we have yet to meet any small business owner who relishes this time of year. Now that it is February, we think it’s a good time to go over just a few of the ways that will help you avoid issues when it comes to filing your small business taxes.

Avoiding Mistakes On Your Small Businesses Taxes

Keep GREAT records! One of the keys to simplicity at tax time is to to keep accurate records throughout the year. The good news is that it is easier than ever to do! There are so many apps, affordable software and so much information at our fingertips. If you struggle to keep things organized, take a look online for some great tips and best practices from other small business owners. If you are not sure how to do something or need advice, call your accountant prior to making an impulsive decision on how to handle something.
Review your records monthly and at least quarterly. Depending on your situation your accountant should always be able to prepare a tax projection for you. It is easy as a busy small business owner to get caught up in things and not worry about taxes until the end of the year. Unfortunately, this is too late to do much about it. Stay on top of it throughout the year to minimize anxiety, errors and liabilities.
This is an accounting firm’s blog, so we can’t finish up without saying…hire a helpful and experienced accountant for your small business. It isn’t always the cheapest rate, but it may save you in the long run from big issues and mistakes that can cost you dearly. The right accountant for you can serve you where you are at. Maybe you need them to take over everything or maybe you just need *some* help throughout the year. Maybe you just need a professional to prepare your taxes. There are so many choices and if you haven’t found the right fit, we would love to earn your business!