Things You Can Do Now for Tax Season 2017
It’s hard to believe that we’re already in the third quarter of the federal tax year. In fact, if you’re paying quarterly payments, you’re third quarter taxes are coming due September 15! Tax season can be stressful, but April 15 of next year will be here before you know it. With that in mind, we thought we would give you a jump start on next year’s taxes. Instead of dreading it and waiting until last minute, you should take the time to educate yourself and prepare for it, especially since it will come every year no matter what.
Following the list of steps below will help you minimize the amount of stress and hopefully provide some sage advice in preparation for the upcoming tax season.
1. Get started early! Last year you might have found yourself a little flustered, overwhelmed, or confused. If you get started as early as possible you can make time commitments everyday instead of cramming all of your tax preparation, organization, and filing all into one day or one weekend. Not only will this prevent stress, it can potential percent mistakes.
2. Get organized! Do you know where the receipt is from May 12th? How about January 10th? If you have to go rifling through a box of receipts and business transactions from the entire year you might find a few are missing or lost. This is why shoeboxes, bins, and physical storage systems are not the best way to keep receipts. While it is smart to keep physical backups of your expenses and bills an electronic organization system is the best way to access files quickly and efficiently.
3. Use an accountant. Accountant are experts in their very complicated and confusing field. Using an advisor will help you plan properly as they will be able to guide you throughout the tax season. This doesn’t have to start with the weeks or months before tax season either, it can be a year-round partnership. This way you can have someone who will give you advice if you ever find yourself in trouble or unsure of a transaction and how it affects your business. Need a referral? We have several. Give us a call at (813) 350-7800.
4. If you aren’t already doing your taxes quarterly, make this the year you set up a system to do so in 2016. One reason entrepreneurs struggle with tax season is they wait until last minute to try and handle everything at once. But, when you are doing them quarterly it makes it much easier to prepare for each subsequent quarter. Work with your accountant now to set up a system for quarterly payments if you aren’t already doing so in order to make next year and the following one significantly easier on you.
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