“There are two types of people who complain about paying taxes: men and women.” – a little tax humor
Taxes are often mentioned as a major pain point for small businesses. They take time, energy, and resources, and can feel like a distraction from the work you want to be doing: building your business. Even though they happen every year, tax time brings its own set of challenges that can leave a business owner thinking, “Didn’t we just go through this?”
We set out to track down the most helpful insights for easing the stress around tax time and found the following four things to be the most recommended when it comes to reducing tax stress:
1. Keep good records.
Over and over again, small business owners recommend automating bookkeeping and expense tracking. There are a variety of online solutions that are easy to use and affordable. Need accounting software? Compare online options here. Looking to improve how you track expenses? Find an overview of services here.
2. Hire a professional to do your taxes.
While you may be able to handle your individual tax return on your own, hiring an a professional to navigate the ins and outs of business taxes is worth the investment–especially since the tax code is challenging and frequently changing.
3. Don’t wait to make changes that will make next year easier.
Once your taxes are filed, it’s natural to want to shelve them until next year. Save yourself from tax-induced headaches by addressing now whatever is making your taxes particularly unnerving while it’s still fresh in your mind.
4. Think about taxes every day instead of once a year.
Who wants to think about taxes every day? If you can make taxes a regular part of your business instead of a once a year fire drill, you can start to relieve some of the stress that goes along with your tax obligation.
You might be thinking, but how does that help me now? Because we thought you might say that, we also put together a quick resource list for the most common tax concerns:
If you’re worried about an audit….
How to Avoid an IRS Audit
If you’re disorganized and don’t know where to start…
Small Business Tax Prep Checklist
If you need an extension…
How to File a Business Tax Extension
If you want to do it yourself…
Determine Your Federal Obligation
If you haven’t found a professional to help you…
Small Business Tax Day Countdown: Good News, Bad News on How to Find a Good Tax Preparer
How to Hire an Accountant
Taxes are an inevitable part of doing business. With a little organization and the help of a professional tax preparer, you can reduce the stress that taxes put on your business.
Our mission at Swift Capital is to unleash the potential of every small business by providing them with fair and convenient access to working capital. We harness data and technology alongside personalized human expertise to see the true potential in every business. Did you like this post? Tell us what you’d like to see on our blog. Email us at [email protected] or tell us here.