Finally we made it through tax season! Most of us might be thinking “I’m not going to think about those things again for a whole year!”. But some people know better – tax time hurt and we don’t want it to hurt that much ever again. So what do we do to prepare for next year as soon as possible?
Track Estimated Tax Payments Now
In some cases you may be able to pay on a quarterly basis which helps even out your yearly cash flow. At the very least, have a savings account that you put a payment into each quarter and check in with your tax advisor a few times this year to make sure your estimated payments are on track so you won’t have any ugly surprises come April 2018.
Finish Your Tax Return
Especially if you have an extension going, just get it done now. It can be a great tool that might make it possible for you to pay less taxes sooner. Planning out your taxes, not only throughout the year, but years in advance, will give you an early advantage on maximum tax dollar saving.
Keep your company book up to date
If you have a book for organizing information about the business like meeting minutes, financial statements, etc., this can help support any deductions you claim if you’re later faced with an audit.
Implement any suggestions made by your tax advisor or accountant
Take any feedback from your business accountant that can be implemented this year and especially anything that has potential for savings in future years.
Update your bookkeeping with any changes
If your accountant made any changes to your accounting while preparing your tax return, make sure to document the changes and use this time to review any questions you might have about your recordkeeping. This is the place that, when done well, can discover more tax savings!
If you’d like help with your bookkeeping or would like a professional to assist you with financial statement preparation and filing, or you’re like to try small business consulting services, please contact D&M Accounting and we will be happy to answer your questions!
