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Get Ahead of the Tax Season Curve: Tips for Small Business Owners from a Bookkeeping Service

December 01, 20226 min read

Since many small business owners wear many hats, they rarely have the time to sit down and crunch the numbers related to taxes. They often pay an accountant or bookkeeping service to take care of this time-consuming task, which can be stressful in and of itself if you are not prepared. However, if you spend some time preparing now, you can get ahead of the tax season curve and make things much easier on yourself once the tax season starts. Here are some tips from our professional bookkeeping services that will help you get ahead of the game so you can rest easy later on when it’s crunch time. This will allow you to continue working on day to day operations of your business, or if you're in a phase of rapid growth you will be able to focus on leveraging the growth rather than how to deal with the IRS and its requirements around tax time.

Schedule an Appointment with Your Bookkeeper

It's not too late or too early to get a head start on this year's taxes. It takes time to gather all your documentation, plus as small business owners you're often, and rightfully so, still fulfilling the duties associated running the business. So, it's usually best to start early. Reach out to a trusted QuickBooks Pro Advisor for bookkeeping needs to find out what they can do for you. A good bookkeeper or bookkeeping firm can take a lot of additional stress off the shoulders of the business owner during tax time but also even during day to day business. The peace of mind associated with knowing your books for your business are in order is invaluable. A small business bookkeeper will be happy to set up an appointment with you, but be sure to call or email them soon! Schedule appointments as soon as possible because many professionals are booked well into next year. When you're meeting with a bookkeeper make sure that they take care of all your QuickBooks' accounting requirements like payroll and ledgers. Be proactive about organizing all your data before asking a professional for help. The more organized you are, the less time you spend finding information during tax season. So, what exactly is included in their services? This is a great question that can be answered by remembering that businesses come in all shapes, sizes and varieties. Most times there's assistance with taxes as well the ledger on a regular basis. In some situations they might assist a business in updating or establishing certain financial policies or procedures. Most small business bookkeeping firms will sit down for a consultation to discuss your business' books then give more information on all of their services along with pricing.

Know What Deductions You Can Claim

Bookkeeping service with QuickBooks Pro advisor is an expert in deductions. If you're using QuickBooks, they'll be able to help you find any deductions you may not have been aware of. For example, if your company offers its employees free meals, that's considered a business expense and can be deducted. Or if your company provides their employees with transportation to work, that too is considered deductible. These are just two examples but there are many more! Some deductions might not even seem like deductions on first thought while there are a few that might seem to be deductions but could use a look from an expert. Working with a QuickBooks Pro advisor provides an expert in finding these kinds of deductions which will ensure your small business has all its bases covered.

Let Us Help You Get Ready!: A bookkeeping service with QuickBooks Pro advisor can also prepare you for tax season by making sure everything is in order. With prepping, your small business will be more organized before tax time so things go smoothly without stress and worry about missing something important.

Gather All Your Receipts and Documentation

The best thing you can do to prepare is gather up all your paperwork. This can, undoubtedly, be one of a business owner's most daunting tasks. Do you have receipts and documentation for expenses, payroll, or accurate tax records? Review it now and make sure that everything is in order. Chances are you'll come across some missing information, errors, or discrepancies that need correction before you go in to see your professional bookkeeping service. Once you've gathered all your paperwork and taken care of any discrepancies, it's time to get organized!

It's essential to have an organizational system with folders that works for you so that tax season comes around and everything is ready. For example, if tax documents are scattered across several different places in your office space(it happens, we definitely understand) then this task could take days rather than hours - which means less time focusing on running your business successfully! A bookkeeper with certification from QuickBooks can also help your business find the best ways to use QuickBooks in several different aspects of the business.

Understand Your Payment Options

Recognizing the importance of federal extension, state extensions, and final deadline dates as well as payment plans available if there is a tax bill, is crucial to an easy and stress free filing season. In some situations, with proper documentation and submission of forms, you can file your Federal and State taxes after the original deadline with an extension. However, it is important to understand that filing an extension does not provide you with more time to pay taxes owed. A bookkeeper can walk the business through situations where they will still be required to make a payment by April 15th in order to avoid late fees or penalties. If tax payments are due and are unable to complete your returns by April 15th, your small business bookkeeper may want to consider entering into an installment agreement with the IRS (IRS Form 9465 in most situations). It is important that you do so prior to filing any extension request because there are restrictions on entering into this type of agreement post-filing extension request. A trusted QuickBooks Pro, such as G and J Solutions, can advise your business on deadline dates, extensions, and assist in completing required tax forms. Give us a call today if you have any questions or you'd like to sit down for a consultation to look things over. Another aspect we can offer advice on is how we can help keep your books up to date and accurate throughout the year.

Stay Organized Throughout the Year

Bookkeeping is a vital function to any small business, but it's crucial that you stay organized throughout the year to ensure a smooth filing process and accurate tax records. Here are some quick tips on how you can do this. - Schedule expenses or payroll payments before their due date so you don't forget or lose important data. - Use tracking sheets to log your expenses so that at the end of each day, week, or month they'll be sorted according to category and easily summarized on your general ledger sheet. As a QuickBooks ProAdvisor we also offer more tips to clients throughout the year, additionally we're currently doing free consultations for small businesses in our area. We would love to answer questions as well as provide information on ways we help businesses with their financial records

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George Unsinger

As a previous franchisee in the HVAC restoration industry, I'm well versed in the trades. Over the years my favorite activity was working the numbers. This passion led to being debt-free and investments recovered way ahead of schedule. I discovered the next chapter in my business life. I went back to school and earned a degree in Accounting and I am also QuickBooks Pro and Bookkeepers Launch certified. Just like you, I continually strive to get myself, my family and my business to the next level. I want to help you get there as well!

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