April 15th is coming fast. And as a small business owner/operator, you’re probably in the thick of your tax preparations. Getting all the info you need to have is hard enough, and putting it all into your returns is even harder. Here are some tips on how to avoid critical errors at the last minute.
- Make sure all your records are up to date. A recent study indicated that outdated information regarding deductions was the #1 problem for small businesses at tax time.
- Keep abreast of all the latest tax changes. Tax regulations change as frequently as the weather, so be sure to stay up to date on the latest changes to healthcare, payroll, and other critical areas.
- File an extension. If you just can’t get everything together in time, you can file an extension. Companies generally receive a five-month extension, but if you focus your energies, you can get your returns filed much sooner.
- Think proactively. In order to better prepare you for next year, work with your accountant to figure out how best to maximize your deductions. Take care to keep better track of receipts and other write-offs, to give you the most advantage for a better return.