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Tips for Avoiding the Stress of Business Tax Filing

April 25, 2014 By Pete Wheeler

An ornate clock with the words Time for Change on its face

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.

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Filed Under: Accounting and Tax

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Lafe “Pete” Wheeler is a registered representative with the following registrations 66 and 7 and can transact business with clients in Kentucky, Delaware, Pennsylvania, South Carolina and Texas. Lafe “Pete” Wheeler is also an investment adviser agent licensed in Kentucky, Delaware, Pennsylvania, South Carolina and Texas. If you are not a resident of the states noted above, all investment-related information on this site is for informational purposes only and does not constitute a solicitation or offer to sell securities or investment advisory services over the internet.

Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC, Advisory Services offered through Avantax Investment ServicesSM, 6333 North State Highway 161, 4th Floor, Irving, Texas 75038, 972-870-6000.

Wheeler Financial Solutions, PLLC is not a registered broker/dealer or independent investment advisory firm.

Content may have been created by a Third Party and was not written or created by an Avantax affiliated advisor and does not represent the views and opinions of Avantax Investment ServicesSM or its subsidiaries. This site may contain links to articles or other information that may be contained on a third-party website. Avantax is not responsible for and does not control, adopt, or endorse any content contained on any third party website.

Avantax Investment ServicesSM exclusively provides financial products and services, and does not provide or supervise tax or accounting services. Advisors may provide tax, accounting or other services through their independent outside businesses, but these services are separate and apart from Avantax Investment Services.

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Recent Posts

  • The End of File & Suspend for Married Couples
  • Tips for Avoiding the Stress of Business Tax Filing
  • Providing More Than Accounting Services for Your Business

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