No one likes tax time except, possibly, the devoted accountant. Everyone wants a way to make the entire process easier. There are steps you can take to make tax time a little less stressful. It takes some initiative, however. This time, try some tax resolutions for small business for the coming year.
Organize and Digitize Receipts and Papers
Some Useful Tax Resolutions for Small Businesses.
How well your filing works depends upon the people doing the organizing and filing. Resolve, this time, to collect and file your documents better. If you collect paper receipts, take precautions not to lose them, keep them a little longer, never stuff them in shoeboxes, and consider digitizing them. A digital system–with a backup, of course–is a great way to keep your business in step with current business trends.
Help Your Tax Preparer
You have someone who handles your taxes, and this person has to navigate a very complex system, and if you’re not well-prepared, their job is much harder, which is bad for you. Make your tax expert’s life easier. Start gathering early. Have a clear system for information in place. Consider accounting software that holds everything in one place, and to which your tax person has access.
Spend More Time on Taxes
Plenty of people wait until the last month, week, or day to handle taxes. Imagine how much easier it would be if you did a little bit each week over time. Set aside some time once per week to go over tax-related items, whether it’s organizing, filing, entering information, and anything else you can do early.
These are just a few of the possible tax resolutions for small businesses that may save you a lot of stress. Want more advice on handling your small business in Dallas, TX? Call R Moon Consulting at (214) 382-2964 today.