- 28 March 2019
- Alex Penfield
Tackling Tax Season
Tax season. A simple, two-word phrase with the power to strike fear into the hearts of small business owners everywhere. If you happen to fall into this tax-terrified set, we do not blame you. Prepping your taxes can be a daunting task, especially for a complicated business entity or first-time filer. Between gathering all of the year’s records and making sure you file on time, it can be tough to stay organized and keep your eye on deadlines. With the right strategy and tools, you’ll be on your way to mastering your taxes and maybe even getting some money back for your small business. Still feeling overwhelmed? Keep calm and check out our tax tips below.
Remember Your Records: Record-keeping is paramount to helping small businesses stay on track for a successful tax season. Organizing important financial documents such as bank and credit card statements, partnership agreements and payroll on an ongoing basis will provide you an accurate picture of your income and expenses and result in far fewer headaches come filing time. Whether you need to reference past tax returns, shred confidential documents or just keep your documents organized, The UPS Store® services can help your small business keep its records straight.
Detect Deductions: The types of deductions you can claim will depend on how your small business is structured, but there are general expenses such as rent, insurance and vehicle costs that almost all small businesses qualify to deduct from their tax returns. To be safe, always check with your CPA or tax consultant for specific information regarding small business deductions. Keeping all of your business expenses organized will help make the process of finding deductions easier and more efficient, potentially saving your small business money each year.
File on Time: Failing to pay your taxes on time comes with costly fees and penalties that only increase as time goes on. In general, it’s best to leave yourself at least two weeks before the filing deadline to complete your return. The UPS Store has copying, postal and shipping services to keep your tax timeline on track, and you can even ship your federal tax returns via UPS.
Reward Yourself: When April 15 hits, give yourself a pat on the back for successfully navigating the complicated world of taxes and maybe even finding some money-saving deductions for your small business in the process. Put that deduction to good use by reinvesting the money in your business, or simply take your team out to lunch to celebrate the end of tax season. And remember, it is never too early to start prepping for next year!
With these tips and the accounting resources available through The UPS Store, your business should have what it needs to go forth and file with confidence. But if small business bookkeeping still has you feeling in over your head, don’t be afraid to ask for help. Professional accounting services can provide assistance for a range of price points, tailored to your business’s specific bookkeeping needs.