Preparing your taxes is intimidating when doing it for you personally; it can be even more daunting when doing it for your small business. There are a couple of tips and tricks that can help you feel more at ease throughout the year and especially come tax season:
- The easiest thing to do is keep track of all of your expenses as they occur. Do not wait to input any payments, even if they are pending, simply label them accordingly.
- Following up on the first tip, make sure to keep your personal expenses separate from your business ones. This includes everything from separate credit cards to separate bank accounts
- Do your research when it comes to deductions. There are different deductions that can be applied depending on whether or not your office is in your home, if you employ your significant other, and even your health insurance premiums.
- Make sure to have every employ fill out the appropriate tax form. It’s easy to forget about but can be difficult to get done if the employee isn’t around, for whatever reason, around tax time.
Of course the easiest way to make sure you have everything in order and have included every deduction possible is to find a CPA that makes it their priority to get you through tax season.
