Five Tips To Prepare For The Upcoming Business Tax Season
Being a business owner is hard as there are several aspects that need your attention. Given the sheer amount of work involved in running a business, very often, tasks like accounting, bookkeeping, and tax preparation, while essential, are overlooked. This causes individuals and businesses to lose money and incur unnecessary penalties and fines. To make matters even more complicated, COVID-19 has caused delays, changes and stirred up controversy when it comes to tax preparation.
Fortunately, SYVERTSEN ACCOUNTING LLC is an owner-run and operated accounting firm and has been around for over fifteen years. The company offers tax and accounting services that are flexible and can be tailored to meet specific needs. Moreover, to help you file your taxes in a timely and professional manner this upcoming tax season, Stephanie Syvertsen, the owner of the company, has compiled a list of five tips that should greatly help.
Tip #1: Keep an eye on pandemic legislation
As the pandemic affects businesses, it is also affecting tax laws. There were four significant legislative changes made in 2020 that business owners should keep in mind this tax season: Coronavirus Aid, Relief and Economic Security (CARES) Act; Families First Coronavirus Response Act (FFCRA); Paycheck Protection Program (PPP); and PPP Flexibility Act. Research each to find out what aspects will help your business.
Tip #2: Research available deductions during the tax year
The best time to take the maximum allowed deductions and reduce your taxes is during the tax year. Remember to always consult with your tax professional during the tax year to discuss what to look for and what deductions will be best for your business.
Tip #3: Catch up early on bookkeeping tasks
The COVID-19 pandemic has affected many businesses. While some business owners saw a spike in their income, other owners saw losses. Regardless of which, the first thing business owners should do is make sure that bookkeeping and accounting are entirely caught up. Knowing exactly how much profit and losses were made for the year can give a head start. Here at SYVERTSEN ACCOUNTING LLC, we can help with all bookkeeping and accounting, so you are all set when tax season rolls around.
Tip #4: Avoid uncalled for tax surprises
While you will never get out of paying taxes, you should never be surprised during tax season, and having a solid relationship with your tax accountant can help avoid missteps. If you meet with your tax professional quarterly instead of annually and keep communication open, this also helps negate any shocks from popping up that could cause you to stress around tax season. At SYVERTSEN ACCOUNTING LLC, we support our clients all year round.
Tip #5: Call in the pros
Tax season is stressful as it is, so there’s no need to place any larger burden on your shoulders by handling your tax filing on your own. Although software tools have made it easier to file your taxes independently, hiring a professional will give you the peace of mind that nothing was missed and all deductions were added. Similarly, leaving your tax filing and accounting to the professionals frees up more of your time to focus on core business operations.
For more tips on how to go about getting prepared to file your taxes, reach out to SYVERTSEN ACCOUNTING LLC. Stephanie Syvertsen has over fifteen years of experience working for small and medium-sized businesses and specializes in a wide range of accounting and bookkeeping services. Apart from accounting for small businesses, she also takes on bank reconciliation, outsourced bookkeeping, prepares financial statements, payroll services, and tax preparation for individuals and companies. Her services are available across Columbus, Franklin County, Delaware County, Marion County, and remotely throughout the USA.
To learn more about our services, please click here. If you have any questions about accounting or tax preparation, we would love to hear from you. Click here to get in touch with us.
