Tax Day of 2024 is officially over, much to everyone’s relief. Life and business can now return to normal without the looming pressure of filing correctly. There’s no rest for business owners, though. The books may be closed for 2023, but there’s plenty of time to change the outcome of 2024’s taxes. Also, the right time to prepare for next year’s Tax Day starts now — the more time you have to prepare, the more confidence you’ll feel while filing. All About Businesses is here as your year-round accounting partner and offers suggestions on your next steps post-tax season.
Conduct a Retrospective
Let’s think about how filing your taxes went. What went well? What do you wish went better? Now is the time to make any changes to your recordkeeping system to make it easier for you to use. Working with an accounting professional or bookkeeper helps expedite this process — at All About Businesses, we’re experts in designing customized solutions that fit your business’s unique needs.
In addition, consider any surprise details that impacted your taxes, such as expenditures that compounded more quickly than you thought or deductions you didn’t know you would qualify for and didn’t keep track of. Making a note of these considerations now will help you file better next year, as well as take advantage of anything you overlooked in the past.
By thinking critically about your tax experience, you can set yourself up for better, faster filings in the future while feeling more confident in your business and your processes.
Prepare for a Future Audit
Though audits are rare — only about 2.5% of all small businesses get audited by the IRS each year — they do still happen. Several factors can cause the IRS to flag your records, including audits of your partners and vendors. Learn more about potential audit triggers in our blog “What Triggers A Business Tax Audit.”
Unfortunately, audits can happen at any time within three years of filing. The best way to prepare for a potential audit is to ensure your recordkeeping and accounts are rock-solid. Everything from payroll and receipts to bank statements and, most importantly, past tax records should be kept safe and accurately filed. All About Businesses can help with all your bookkeeping needs, ensuring you can find what you need at a moment’s notice. With accurate records, any future audit becomes far less panic-inducing.
This year, you’ve successfully filed your taxes. Make sure all records of your filing and debts or refunds are labeled and saved for your future review.
Plan for the Future with All About Businesses
Your plans for your business will no doubt impact your future taxes. Are you hoping to grow? Streamline your operations? Refocus and restructure? The implications of adjusting your business can be hard to predict but will help you plan more effectively for your future taxes. You can begin setting more money aside for growth, pivot your recordkeeping to include new areas, or identify new state or federal programs you can use. Having a roadmap to your future goals helps set you up for better returns on future taxes. Contact All About Businesses today to get started planning the next year the right way.
