Even though you may have just breathed that last sigh of relief that your business 2013 taxes are finally complete, it’s time to start thinking 2014. In order to smooth the process for the coming year’s taxes, here are some steps to make filing your 2014 taxes easier.
1. Start by Keeping Good Records. Whether you use QuickBooks or some other bookkeeping system, it’s important to maintain good records. Scan expense receipts (and store them digitally). Do this daily, along with keeping record of your daily expenses, mileage, travel, entertainment, or anything else that can be deducted as a business expense. Make this a part of your daily routine and keep the records stored on your computer in one file.
2. Learn From Your Mistakes. Maybe you scrambled to meet the April 15 deadline this year and are now faced with filing a business tax extension. If you don’t want to repeat that again this year, take charge of your financial situation and ask yourself some difficult questions. What do you wish you could have done differently this year? Did you fail to make some basic moves that could have saved you money? Make a plan to implement these things and don’t put off doing them. Make a written plan detailing changes you can make this year and plan to knock them out in a timely manner.
3. Trust Your Finances to a Professional. One of the best decisions you can make for yourself and your business when it comes to taxes is to hand them over to the professionals. Business owners tend to struggle with delegation, but handing over this task could save you countless hours of uncertainty and personal strife. Because accountants spend their lives keeping up with ever-changing tax laws, they are more familiar with what deductions you can and can’t take and how you can best maximize your savings and minimize your expenses. By hiring a trusted CPA, your business can save money by utilizing their knowledge.
These are just a few of the ways Wheeler Financial suggests starting out your next tax season. If you are ready to hand over that pile of receipts and time spent away from running your business, contact us and we will strategize with you to create a business plan that will help you focus on business, not accounting.