The deadline for annual tax returns is fast approaching, and you’re looking for a quick, down-and-dirty guide to getting the paperwork for your local business completed quickly and easily.
This is not that kind of guide.
We wish filing could be simplified in that way, but unfortunately, it requires time and careful attention to complete financial paperwork for a small business. That said, you aren’t the only PNW business owner feeling the pressure of the April 15th deadline! At All About Businesses, we know the last-minute tax scramble well. While there aren’t any shortcuts to filing taxes as a small business, we have some advice to help you get through the hurdle, based on the common pitfalls we see businesses stumble over during tax season. Remember, this is a time to be strategic, not frantic.
Haste Makes Waste
If you are choosing to do all your tax preparation on your own, remember to double-check your information! Numbers are more likely to be incorrect when you’re rushing to complete your return before Tax Day. Be meticulous with number entry and calculations, take your time filling in each field, and proofread everything before submitting. Think of your taxes as a marathon – not a race. Since it can be fatiguing, our advice is to complete your paperwork, then take at least a 30-60 minute break before returning to review it with fresh eyes. Then you can sign and submit it!
How to Prioritize
- File something, even if it’s not perfect. You can always file an amendment to make corrections. Whether you’re trying to locate a specific document or waiting for help from a bookkeeping professional, you can avoid late penalties and still get the correct information submitted later. The longer you wait to file, the higher the penalty fees might be.
- If you’re not ready to submit your return, or you know you won’t make the deadline, file a request for an extension ASAP.
- Get your income and expenses organized so you or your tax professional can reference them quickly.
- Identify your deductions. Don’t forget about the obvious write-offs, like software subscriptions, vehicle mileage, internet, etc. Our tax relief specialists can help ensure you’re getting all the deductions and credits you’re eligible for.
- Consider a quick consult with a CPA or tax pro to look for major red flags that might subject you to an audit. Request a call with one of our professionals now to avoid potentially expensive mistakes.
- Set up a payment plan if needed. Installment agreements are typically available to help you file now and make payments over time.
- Finally – and we can’t stress this enough – make sure to sign your return. Without a signature, your return isn’t valid, and you won’t escape late penalties for submitting an unsigned return by the due date.
With a deadline on the horizon, it might make sense to retain professional tax preparation services, at least to ensure you aren’t missing vital information. If you don’t have time to meet with an expert, you’re better off filing imperfectly and filing an amendment later than missing the deadline altogether.
Think About Next Year
Once you have submitted your tax return, this is the best time to start thinking about next year’s taxes. With another year under your belt and the memory of digging for a 7-month-old receipt still fresh in your mind, there is no better opportunity to set up a system that will make filing (or at least finding your documents) easier next year. In addition to regular bookkeeping and accounting, our tax preparation services will take the burden off your shoulders and guarantee you never miss the tax deadline again.
Let Our Resources Empower You!
Administrative work can be tough to get done when you have a small operation, but professional support is available to help you stay organized, manage bookkeeping, and get your financial paperwork in order before the next year’s taxes are due. From non-profit organizations to retail and hospitality, All About Businesses works with a wide range of industries all around the Pacific Northwest. Our services are designed to empower local business owners, allowing you to spend more time on the work you love. Contact us to learn more or schedule a free consultation with our professionals today!
