Tax season is easy for some business owners, but for others it can be quite taxing…Both figuratively and literally! From trying to find receipts, getting last minute tax deductions in order to a host of other tax topics, it can become quite overwhelming.
To give you a jumpstart for next year, here are a few tax tips from Accountant Kgosi Johnson, owner of Johnson Consultants and Associates that you can start using now so that when January 2016 rolls around, you’ll be smooth sailing!
(1) For small business owners to prepare for next tax season I suggest monthly bookkeeping to keep earnings and expenses in order to keep things sane for tax season of 2015. The thing small business owners want to avoid is scrambling at the last minute. I also suggest small business owners look possible quarterly payments instead of one huge payment for taxes.
(2) Always keep receipts. I strongly suggest one scan receipts immediately to avoid receipts that can fade or get lost. It is always good to have a backup! Receipts ar
e a business owners proof. If you do not have access to a scanner, you can also download the app, Smart Receipts.
(3) Keep tax paperwork for a minimum of seven years in an organized filing system in a secure location that is easily accessible. Business owners can also make the decision to store tax documents virtually by using cloud space for an indefinite amount of time.
(4) It is highly recommended to have a reputable accountant to help grow your business. Our focus is to help the business owner and tax payer find ways to boost bottom line, save money and avoid pitfalls.
(5) Lastly business owners should begin focusing on quarterly estimates and meeting those goals. The bottom line is to make taxes be pain free
Until next time, remember to CREATE each day INTENTIONALLY GOOD and Be Beautifully Inspired!
The Inspired Blogger