As a business owner, you are faced with dozens of challenges and concerns on a daily basis. Owning and operating a business can be demanding, and while focusing on your bottom line, the upcoming tax season is probably the last thing on your mind. Most business owners aren’t tax experts. You have worked hard enough learning the in’s and out’s of your trade and using your free time to study up on tax policy is probably not a priority.
Professional Assistance is Available
That is where the tax professionals at Geddes & Company, P.C. come in. We have over 25 years of experience in handling tax preparation and filing for a wide range of businesses of various sizes, and have the know-how to ensure your business maximizes its deductions and credits. You pride yourself on being an expert in your line of work. So do the tax professionals at Geddes & Company, P.C.
Strategies for Business Owners
Like any good business partnership, both sides have to work together to get the best results. Filing your business taxes is no different. Below is a list of a few common sense strategies business owners can use to help ensure a low stress tax season.
Develop a Plan Early
Waiting until the last minute to compile your tax documents ads heaps of stress to the tax preparation process and may cause your business to miss out on credits and deductions you may have been eligible for. Set aside time early in the year, preferably right after the previous year’s taxes are filed, to meet with the tax professionals at Geddes & Company, P.C. in order to develop a strategy to stay ahead of the game. We can help you organize and streamline your businesses accounting practices, and tell you what records you will need to hold onto throughout the year so that you get the most out of next year’s tax process.
Move Your Records Online
Many business owners are stuck simply collecting stacks and stacks of paper records around their offices, always putting off organizing them ‘til the last minute. In the digital age, keeping only paper records of your businesses finances is not only outdated, but can be risky. Unorganized documents will only lead to headaches later on when preparing your taxes, and having only one copy could lead to misplaced records, and missed opportunities.
By digitizing your business’ financial documents, and backing up these documents on an external hard drive or a cloud-based server, you will bring you business into the 21st century. Backed up digital copies of everything from invoices to payroll statements can be easily organized, searched when needed, and secured from physical damage or going missing.
Use Online Banking
Most major banks maintain robust online resources for their clients that are organized and often customizable. Talk to a professional at Geddes & Company, P.C. about what business expenditures may be tax deductible, and mark them as you go. This is an easy way to keep your finances organized, allowing a simple search on your banking website to ease the process of tax preparation at the end of the year.
Keep Personal and Business Accounts Separate
As a business owner, your life is your business and your business is your life. Often times the two are inseparable, even indistinguishable. Using your personal or family bank account for business expenses and vice versa is a dangerous game to play and could lead to complications later on when preparing your tax documents and looking for potential deductions and credits. Doing your best throughout the year to maintain strict boundaries between personal and business finances will greatly reduce the time and stress of filing your taxes.
Consult a Professional
The only way you can be sure you are maximizing your business’ deductions and credits is by hiring an expert tax professional. You wouldn’t ask the mailman to take a look at your plumbing, would you? As with any service, you want and expect the best from an experienced professional. Don’t go it alone this tax season and risk putting your business in jeopardy with the IRS. Geddes & Company, P.C. will work with you over the course of the year to ensure your business’ finances are in order and that tax preparation and filing will be a breeze.
As small business owners ourselves, we know how invested you have become in your business. You have built something you are proud of from the ground up, and take a vested interest in every aspect of your industry. Wouldn’t you hate to see all of that put in jeopardy because of an avoidable mistake on your taxes? The tax professionals at Geddes & Company, P.C. are dedicated to helping your business succeed and grow. Contact us today to find out how Geddes & Company, P.C. can help your business gain a competitive edge through a mistake free filing this tax season.