Tax season may be over, and you may not want to think about it until you have to next year. But what if we told you there was a way to make your next tax season less stressful and easier to get through? Too often businesses put off dealing with tax season until it is upon them, which doesn’t leave a lot of room together the information needed by tax professionals to handle taxes on time without causing a lot of stress.
Avoid another stressful tax year by trying these 5 things.
- Stop procrastinating
The best time to start preparing for tax season is now – not at the end of next January. Those who procrastinate may not have an effect filing system to keep track of paperwork necessary for filing taxes, which can lead to delays and more stress than necessary. Plus, you don’t want to realize too late that you’ll need the aid of a tax professional and they are too busy to help out!
- Know your deductions
There are many ways to lower your company’s tax liability, so it is important to know what you can and cannot deduct in order to make the most out of your tax season. You don’t want to miss out on a deduction just because you did not know it was possible to deduct it – like using your personal vehicle for more work-related activities than personal ones. When you are knowledgeable about the possible deductions you qualify for, them more able you will be to keep track and record the necessary proof and documents needed when filing for those deductions.
- Hire professional help
While you may have handled your business’s taxes in the past, you may benefit more from hiring a tax professional to handle next years taxes. Aside from reduced stress com tax season, your tax professional will also communicate with the IRS when necessary for you, request an extension if necessary, handle all of the paperwork, and keep track of all deadlines so that you don’t have to. They also are far more familiar with tax law and can find you the most deductions!
- Make sure you have a reliable payroll company
A reliable payroll company will handle more than just issuing paychecks – they will also take care of filing your in-state and multi-state quarterly and year-end taxes, report employee wages and earnings, and complete all in a timely fashion so that your company does not face any repercussions.
- Make sure your company is compliant
America’s Preferred Payroll Company can ensure that your company is meeting all federal and state requirements for
- Quarterly and year-end tax filings
- New hire reporting
- Multi-state tax payments and filings
- Worker classifications
For more help preparing for next tax season, contact our payroll specialist.