Hopefully you met the tax deadline this year on April 18. To prepare for next year, it is never too early to get started. One of the best things your small business can do is stay on top of things. This can potentially help you owe less, take advantage of tax opportunities and more. Use this year’s tax troubles as examples to use to make things better for this time 12 months from now. As you work towards this goal, being organized, learning about deductions and utilizing the help of a local Denver business tax preparation specialist will help.
Create an Organized System
Being organized is a go-to way to ensure an easier tax season. First, when it comes to receipts, invoices, etc., it is important to keep everything in an organized fashion. For paper files, place them in boxes that are clearly labeled with the month and year. Next, make sure all the contents within the boxes are organized by date. If you have to regularly refer to certain files, come up with a way to easily access those. For instances, categorizing your monthly box of expenses and arranging them in order of date. Another way to make this easier is to save everything electronically. Use file naming conventions that are consistent and easy to search. You can keep your hard copies in boxes in the event they are ever needed. Learn more ways to get organized for the tax year
Learn About Deductions
As a small business owner, are you taking advantage of deductions as much as you could be? Deductions are certain expenses that you can take off your taxes. Now, while in the process of using deductions, you must make sure you hit all the parameters. As long as you do, there is no reason to skip out on them. If you run your small business out of your home, this is one of the areas you can see if you can qualify to deduct. This is applicable when your home, particularly an office or area, that is the primary place work is completed. You can also deduct expenses for mileage, rent, supplies, equipment, furniture, travel, ads, meals, certain utilities that go towards the small business and more. In order to use deductions, you will need the evidence to back it up. Keep that in mind and begin to store records that you can use for proof when taking advantage of deductions.
Utilize the Help of a Tax Specialist
When it comes to all of your small business tax needs, there is a lot to consider. Utilizing the help of a tax specialist can help you better prepare for the next year’s returns. They can pinpoint the deductions your small business qualifies for and the proper documentation you will need to provide. Plus, with tax laws changing often from year to year, you can relax knowing an expert will help guide you through tax seasons. This will allow you to spend more quality time on your business.
As you work through this year’s tax season, consider these Denver business tax preparation tips for your small business in 2017
. To make next tax year great, you can use the premier tax services of Bloch, Rothman and Associates for all your small business needs. Contact Bloch, Rothman and Associates
today for a free initial consultation.