Tax Day Is Almost Here. Are You Ready?
Tax Day is sneaking up on us and, per usual, people are procrastinating. It’s estimated that almost one-third of Americans wait until the last minute to file their annual tax return for one reason or another. With two weeks to the dreaded day, your trusty bookkeeping service provider wants to share a few tax-time tips with our favorite small business owners.
Helping your small business better prepare for Tax Day is a win-win. Your financials will stay in tip-top shape and keep Uncle Sam off your back. And, us bookkeepers won’t have to sleep at our desks and develop those stress-induced tax-time ticks.
We hate to sound like a broken record, but…
- Don’t wait until the last minute to prepare your taxes. We all know this is a bad idea for obvious reasons.
- Get a CPA involved early. Having guidance throughout the tax preparation process ensures there are no last minute surprises.
- Make sure your books are up-to-date and reviewed in detail by your bookkeeper and CPA.
- Stay organized! Catalog receipts and tax documents to ensure they are easy to locate and retrieve by necessary personnel. (If you don’t have a system in place to stay organized – now is the perfect time to create one.)
- Do you REALLY need to file an extension? If you’re a small business owner looking for extra time, you’ll need to submit the extension form by April 15, AND pay your estimated taxes for the 2013-year. While you may not know the exact amount that’s due, the onus is on you and your accountant to figure out roughly how much you’ll owe.
So, how do you evaluate if you really need to file that extension?
- If you’re waiting on important financial information or documents.
- If you’re having a hard time gathering all of your records. (Get organized!)
- If March and April are your busiest seasons.
- If you’re out of the office on business and unable to focus on tax prep.
- You can find links to the extension forms on the IRS’s website
If you are not yet a ProLedge client and have any questions about preparing your 2013 tax documents, give us a call for a free consultation. Perhaps we can tackle it together and get your books teed up for a smooth 2014 tax season.
Good luck and happy filing!
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