3 Tips to Get Set for the Big Day and Prep for Next Year
The clock is ticking. If your small business is a sole proprietorship or a single-member LLC, your taxes are due April 15. For a double whammy, if you file quarterly, your first quarter 2019 taxes are due April 15, too. And if your business is an S-Corp, partnership or multiple-member LLC, your 2019 taxes are a month late.
But even if you’re filing last-minute, there’s still time to make the process as painless as possible. Here are a few tips for smooth filing this year and in years to come.
1) Get it Together
Gather everything you need, from tax forms to receipts to mileage logs, before you start the filing process. In the middle of filing is not the time to go hunting for missing documents. Having these items on hand will make it much easier to file your taxes.
While you’re at it, put systems in place to get proactively organized for 2019’s taxes. Mobile apps for recording mileage and receipts are a great way to get started.
2) Get Educated
The 2017 Tax Cuts and Jobs Act takes effect for 2018’s taxes, and those changes may have impacted how much you owe and what deductions you can claim. Do some research ahead of time so you’ll have a better idea of how to file.
3) Consider Your Retirement
If you think you’ll end up owing more than you’d like, it’s not too late to contribute to an IRA account for the 2018 tax year. You can do that right up until April 15. This move will take some of the bite out of your tax bill and boost your retirement savings, too. Be sure to consult with a tax preparation professional or a financial advisor to find out how much to contribute.
Ask for Help
Preparing and filing taxes takes a big investment of time and attention. That’s time and attention away from what you do best — running your small business. Partnering with a bookkeeping and tax preparation service like Numbers House will make the whole process simple and turnkey. Plus, you’ll have the peace of mind that a team of professionals is working to keep your tax bill low. For more information on the services we offer, call us today at (865) 294-7300.