Quality tax preparation starts long before tax season. If this year’s tax season has been a bit difficult, there are some things you can start doing now to make your next year’s taxes easier.
Identify Accounting Areas Where You Struggled
Some people like to put their struggles out of their minds the moment things are resolved, but when it comes to your taxes, it is important to know what areas where you struggled. That way, on your next year taxes, you will know what to prepare for.
For instance, say you struggled with finding all your business receipts. While this is not an unusual problem, it can make tax time difficult. Once you know that this is where you struggled, make it a point to keep your receipts organized, whether in a filing system or other methods.
Work With A Qualified Accountant
Rather than visiting a tax professional once a year when tax season rolls around, develop a working relationship with a qualified accountant. Whether you are looking for accounting services to help you manage your business revenue strategies or are looking for help dealing with bookkeeping and payroll as well as tax preparation, working with a qualified accountant is a great way to make a headstart on your taxes.
With our accountant to work with you throughout the year, your taxes can be more manageable, as he will be able to keep an eye on your finances and help you make the right financial moves.
Set Up Quarterly Tax Reminders
If you are self-employed or a business owner, setting up quarterly tax payment reminders can save you a lot of headaches and scrambling later in the year. Also, along with the reminders, be sure to have the estimated payment written out.
Some entrepreneurs want to delay their quarterly tax payments to the last minute, as they aren’t positive what their income stream will look like. However, this can leave them struggling at the last moment. Instead, it is better to prepare and set aside a certain amount of money in anticipation of your quarterly tax payments.
Systematically Track And Categorize Expenses
Tracking your expenses throughout the year is something every business owner should be doing, so they can present an accurate view of their actual income. However, another essential aspect is categorizing those expenses.
As business expenses can come in a variety of categories, from company entertainment to operating costs, it is important to keep your expenses carefully categorized to make tax time easier for you and your accountant.
Create A Tax Plan With AA Tax & Accounting Services
Planning ahead when it comes to taxes is the best way to make your next year’s accounting work easier. That’s why we recommend you work with our accountant at AA Tax & Accounting Services. Our accountant can help you develop a yearlong tax plan, from the best ways to track income and expenses, to what you can do to maximize your deductible while future-proofing your business.
With the right tax preparation assistance, from filing your tax returns to assisting with an audit, AA Tax & Accounting Services is here for you. To work with our accountant, contact us today.