3 Ways To Avoid Business Tax Filing Stress

As the end of the fiscal year approaches, businesses will begin to make their beginning of year dash to get taxes complete.  If you are a small business and experience the stressful rush of tax record compiling and filing during the first quarter of the year, there are ways to avoid this.  And the faster you begin the less stress you will endure.  At Pacific Tax & Financial Group we always advise our small business clients to consider their taxes year-round.  However, if you haven’t done this, now is the time to begin.  Use the following 3 tips to get your taxes in order and bypass those long days of last minute number crunching.

Great Records Produce Great Results

Most business owners or their tax personnel utilize bookkeeping software like QuickBooks, Quicken, Sage etc.  However, these tools are only as efficient as the user’s diligence.  To acquire the best benefit from them, receipts, daily expenses, mileage, entertainment, and other business expenditures should be logged daily.

Build From Past Tax Mistakes

If you have had difficulties with taxes in the past or were stressed out at the process, take time to remember how you felt.  Often after the issue has passed, there is a tendency to relax and forget about what happened.  Take the time to ask yourself probing questions.  What will you do differently to prevent tax woes?  Did your mistakes end up costing you more money and time?  Implementing a calendar of tax milestones can be an excellent way to avoid making the same tax mistakes.

Trust A Tax Professional

Handing your taxes over to a trained eye is the mark of humility.  As a business owner, sometimes putting talent in the right place is the best way to achieve your long-term goals.  Delegating your taxes to a trusted tax professional is one of the best ways to stay ahead of your taxes.  This strategy also enables you to focus on running your business.

Don’t let tax stress overtake you this year.  Call us today at (760) 471-2040 to get the assistance your business needs!

 

 

Securities and advisory services offered through NATIONAL PLANNING CORPORATION (NPC). Member FINRA/SIPC a Registered Investment Adviser. National Tax & Financial Network Inc, Pacific Tax & Financial Group Inc and NPC are separate and unrelated companies.
NPC does not provide tax advice.

 

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