With this year’s tax season behind us, you may be thinking that, for your small business, the heavy lifting of your accounting responsibilities has disappeared for another year. However, utilizing this time you have in advance will keep your head well above water all year long.
Any business owner knows that there are always things done to improve workflow and ease stress, and utilizing the time right after tax season has many benefits. There are many things that you can do as a small business owner to improve your accounting functions, organize your records, and stay ahead of the game and become a truly financially healthy business.
Whether it’s picking up the slack that has built up over the years, taking the time to plan and prepare for future filings, or meeting with a trusted tax and accounting professional, maintaining clear and up to date tax records is key to running your well-oiled machine.
Reviewing Your Process
Filing your taxes, whether personal or business, can cause some a lot of stress and can be telling of the ways we successfully prepared – or didn’t, for filling. Taking time to figure out what worked and what didn’t during your filing process can make things much easier in the future.
Asking yourself and making note of, did I have the right forms? Last year’s tax information? Was I scrambling at the last minute, or did I have a plan in place? Knowing where you struggled and succeeded will help you maintain and improve your tax process in the future. Check out another one of our blog posts on the different documents you might need depending on how you file.
Time for a Self-Audit?
These days the rate at which the IRS preforms audits on taxpayers is less than 1%, and less than 2% for small business owners, but preforming a form of self-audit can ensure that you’re financially healthy for years to come.
Below is a brief checklist of good practices that can ensure you are maintaining your books correctly:
- Keeping proper documentation from past filings (for 3 years or more depending on the document).
- Records of income and expenses kept.
- Review your withholdings – Too much? Not enough?
- Have a professional review your records and procedures.
Planning Your Future
As a business owner, planning for the future is always a vital task in knowing how the company will operate with growth. Effective tax planning and preparation will drastically minimize tax liability in the future. Business aside, retirement planning is another important piece of financial stability, and conducting a yearly review to see where you and your family are at in the retirement process. North Georgia Tax Solutions knows how important planning for the future is, and they are here to help with any tax and retirement planning assistance, Contact Us today!
A great business has a great relationship with its clients and customers, as well as the ones behind the scenes making things easier. Checking in with your trusted tax and accounting professionals can ensure a lifetime of a financially healthy business. Contact North Georgia Tax Professionals today to learn how we can help a business of any size!