With the IRS's tax return deadline coming up on April 15th, it's time to start making sure that your business is ready to glide through tax season without breaking a sweat! Here are a few easy ways to make tax season a breeze this year.
Protect Yourself From Scams and Fraud: If you get an email or phone call from someone claiming to be the IRS, do not respond; you can expect any information regarding your taxes to arrive via USPS. Also, be wary of tax preparers who promise to get you a bigger refund; if it sounds to good to be true, it might not be true at all.
Plan Ahead: When budgeting, remember that you’re going to have to pay taxes eventually, and include that consideration in the overall calculus of the financial plan for your business.
Deduct: Be smart about taking advantage of government incentives for small businesses. You can write off work expenses like business related meals and travel, insurance, bank fees, office supplies and staff training.
Ask for Help: It’s better to get someone else who knows what they’re doing than doing it by yourself and messing it up. Don’t let your pride get in the way.
Be Organized: Know where all of your financial records are and keep track of your spending and earning throughout the year so you don’t have to scramble when tax season comes around.
Contribute to Yourself: By contributing to your retirement savings account, you reduce your taxable income for the year!