Tax Tips: A Guide to Doing Your Taxes

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Tax tips: A guide to doing your taxes

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While Tax Day isn’t until April 15th here in the U.S., if you own a business and you intend to follow the rules, you’ve already started scrambling.

1099s were due to your independent contractors February 1, and if you are filing an S or C-Corp tax return it’s due March 15th, and then of course person returns are due April 15th.

This means that you should make sure your bookkeeper and tax advisor always have what they need from you.

If you don’t or you are feeling stressed about the whole tax time scenario, here’s where we can help.

1. Get set up with a great bookkeeping team that can meet with you each month to categorize your expenses so you aren’t scrambling to do that at year end or the start of a new year when you should be focusing on business growth.
2. Ensure that your bookkeeper never pays anyone more than $600.00 a year without collecting a W-9 and then you won’t have to hustle at the beginning of the year to track down the people you paid so you can send 1099s.
3. Meet with your advisor during the fourth quarter so you can make wise decisions about your income and expenses, and if you’ve been having monthly bookkeeping meetings with your bookkeeper, they should submit your books to your advisor in early January.
4. Review your return no later than mid-February so you have time to look for anything that seems off before you sign.

Preparing for taxes doesn’t have to be difficult, if you have good “financial hygiene” practices throughout the year. If you don’t, make this the year you get them set up. If you are ready to do so, start by sitting down with us. As your lawyers we can help you identify your needs and wisely choose a bookkeeper and tax advisor who will make tax time a breeze for you so you can stay focused on innovation, income and creating a great product or service for your clients and customers.

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