Whether you’ve been moving ends of the earth to make time to get your taxes in order, or you’re just looking to make things easier on yourself next time around, we can all take away a few things from each tax season to the next. Since we’re Just ahead of the April 18th deadline, we thought we’d take a look ahead to a couple of healthy habits and tips you can take note of as the year goes on.
Make Time for Some Self-Evaluation
One of the best habits you can form as a business owner is making time for self-evaluation. Take time to review some of the successes and shortcomings you may have noticed during the months leading up to the tax filing deadline. Were you struggling to locate certain documents or reports? Did you spend a little too much time trying to navigate accounting software on your own? Do you wish you had a better plan to make the filing process less stressful? Then you may want to look into establishing a relationship with an accountant.
One of the biggest benefits to having an outsourced accountant for your business is having someone that knows the in’s and out’s of your books help you when it comes to tax preparation and tax filing. They can help you eliminate countless hours of time that you could probably be spending doing what you do best – running your business!
Contact North Georgia Tax Solutions today to learn how we can help you when it comes to filing in 2024.
You could also take this time to perform a self-audit. Lately, the rate at which the IRS preforms audits on taxpayers is less than 1%, and still less than 2% for small business owners, but taking the time to self-audit can help shed light on areas you may want to focus more time towards in the second half of 2023. 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.
Deal With Any Unfiled Returns
If you were unable to make the 2022 tax filing deadline and have unfiled taxes from 2021 or earlier, then you need to start looking into the tax resolution process. More often than not, people think that if they won’t be able to pay the taxes owed, they should avoid filing until they are ready. This is incorrect, you should always aim to file on time no matter what. Now is the time to deal with any unfiled tax returns that you have.
Need Help in the Future?
Whether you think you’ll need the aid of a trusted accountant to help you file next time around, or if you’re simply interested in cleaning up your tax filing process or planning for the future – North Georgia Tax Solutions has got you covered.
Contact us today to learn more about how we can help you get your time back!