That dreaded time of year is upon us once again- it’s tax season, which usually means lots of chaos and extra work for your company. This year, why not try something different to simplify your tax season process, making the work load a lot lighter for you and your employees? The following tips can help turn a once-daunting time of the year into an easy, less horrible chore for your organization.
- Know Your Tax Facts- If you feel like you just don’t understand taxes, you are not alone! A recent survey by NerdWallet quizzed 1,000 Americans on ten tax-related questions, and the average score was 51%, which would be a big fat F by traditional grading standards. Simply, taking the time to educate yourself about tax issues directly relating to your business can save you a lot of time and anxiety when it comes time to file your annual return.
- Pay Your Taxes on Time- This one should be a no-brainer, but it is worth listing. So many businesses rack up tax debt simply by failing to pay their estimated taxes each quarter, resulting in a big tax bill, not to mention accrued interest and penalties that cause the whole thing to spiral. You can be certain you have enough cash on hand to pay your quarterly taxes by putting away 20% of all your deposits into an account, and then using those funds to pay Uncle Sam once per quarter. Ask your accountant for any tax forms you may need, as well as the amounts due for each quarter.
- Organize your Bookkeeping System- Thanks to the advent of bookkeeping apps and programs like QuickBooks, doing your business’s accounting, and bookkeeping has never been easier! Transaction data links right to the app from your business bank accounts, credit cards or debit cards, so you don’t have to stress about data entry or miscalculations. With tools like these at our fingertips, anyone can have accurate, well-organized company books to work from come tax time.
- Contact the Pros– If all else fails, there’s always outsourcing. Your Nassau County tax professionals are here to help! Armed with the expertise you need and the efficiency you want, we can make tax-related headaches a thing of the past for your business. Call today!
DSJCPA is here to help you this tax season. Call us today at 516.541.6549 or email us at firstname.lastname@example.org to set up an appointment. We look forward to working with you!