Three Tips To Make Tax Season A Breeze
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From the Video
Hi, this is Judi Otton and with GrowthCast , and I’m here with your Fiscal Fitness Tip of the Week. It’s everybody’s favorite time of year – tax time, and I’m here to give you three tips to make tax season a little bit less painful for you. First of all, make sure you have your financials ready for your accountant. You should have your financials prepared monthly at the very least, anyway, which means all the transactions are entered. Everything’s been reconciled. There’s no commingling going on. You don’t have any personal expenses in there, and all the books have been closed for the prior month. This is something that you should do anyway. It’s going to help you run your business better. And if you’re having problems with this area in this area, definitely give me a call. Second, you should have the right accountant. I firmly believe that business owners should be working with an accountant to prepare their taxes. It’s complicated, the tax rules are ever changing, and 2020’s are especially complicated. You may have gotten PPP . You may have taken advantage of one of the payroll tax relief opportunities that were out there. It’s going to make your taxes your tax season much easier if you have a pro doing this. In addition, you may find savings because they know how to capitalize things appropriately, and they know all the deductions that you can take. Finally, thirdly, this is a big one that gets people. Do you have the money to pay your taxes? First of all, you should be filing quarterly estimates – quarterly taxes. But you still may have a payment at the end of the year, in which case I use a methodology that comes from profit first, to help my clients put money away for their taxes so that when tax time comes, they don’t get caught surprised. If you have questions about this or about anything else, please reach out to me. I’m happy to help. This is Judi Otton with your Fiscal Fitness Tip of the Week and I’ll see you next week. Bye bye