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| Tax Deductions the Easy Way |
By:
Ron Finkelstein |
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Preparing taxes seems complicated but this guide to tax deductions will go a long way in clearing a lot of confusion and putting things in perspective. So if you are among those who procrastinate endlessly to prepare a tax return for your small business, take a look at the guide and it you'll find that it isn't so bad after all... you might just find the energy and drive to get your papers ready in time!
Clear the Calendar: Lack of time is the largest contributor for procrastination. After examining your schedule, select one day dedicated to filing your taxes. If this requires closing the business or filling in with additional employees on that day, just do it.
Bring on an Accounting Clerk: If you need to employ more people to complete the work, you should do so and complete the work in time. If necessary, you can hire a bookkeeper. The bookkeeper can help you to organize your business works and accounts such that end of year taxes are no longer a nightmare.
Take a Trip to the Spa: An overlooked way to increase productivity is to reward yourself when you accomplish a tough task. Rewards to consider might include a day at the spa, a massage, a family outing, or any other reasonable thing that will help motivate you.
Buy Tax Software: Programs for tax assistance automatically calculate tenacious paper computations for you. There are many to choose from and most of them contain everything you will need to file your taxes electronically or through the mail.
Locate an Accounting Professional: As the business grows, resulting in increased revenue and complexities, accounts are able to assist you to avoid frustrating experiences and expensive mistakes. Such a specialist also can help you with other issues, including strategies for managing cash for and offering other practical business and tax tips.
Pay Yourself First: How valuable are YOU to the company? To determine your hourly pay, add your profits for the fiscal year and divide by hours you worked. Next, calculate your tax refund divided by the hours required to complete the return. If your hourly pay matches or is greater than this amount, then you should have plenty of motivation to begin tax return preparations.
Ask for an extension: Most heads of small firms don't have any spare time. However, putting off filing can bog you down in guilt, so that you don't really derive much benefit from putting potential filing time into other company business. Consider asking the IRS for an extension.
Join a Tax Preparation Course: When people don't know what they need to do, it slows things down. In order to feel more knowledgeable and confident, it is helpful to take a day-long course in preparing taxes for small businesses. The IRS and many other associated organizations are offering free workshops online for small business owners. The main topics that are discussed in these workshops ranges from revenue, expenses, electronic tax filing to recordkeeping and employment taxes etc. Other related issues are also discussed here.
Time for a CFO?: Possibly, the business requires someone with more expertise than an accountant to advise you concerning financial matters. When does it become apparent that a Chief Financial Advisor is necessary? This may become apparent when the management team is regularly involved with making financial decisions. If you desire to offer your company's stock publicly, or if you are considering raising an extensive amount of capital, a part-time or full-time CFO may be necessary.
One Step at a Time: Start with something relatively simple, such as gathering and organizing pertinent paperwork, then move on to another small step. Keep in mind that starting the business involved a lot of hard work and time, but you managed to do it one step at a time. You made it through that; you can certainly manage this task.
Tax time is never a fun time of year, but the pain created by procrastinating the completion of your tax return is worse. Take that burden and unnecessary guilt off of your shoulders by getting it done without delay and decreasing your April stress level in the process.
Ron Finkelstein is NOT a Tax Attorney or an accountant. He is merely a small business owner who has paid a lot of money over the years to learn a whole lot about The Most Overlooked Tax Deductions,
how to select a tax attorney, and How to save a bundle when filing business taxes. |
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