As a small business owner, you have a lot on your plate. Trying to juggle the many responsibilities that come with running a business is hard. Sometimes it might even feel like you’re doing everything by yourself. That is why Ferguson, Timar & Company exists: to alleviate the stress of tax preparation for our clients. For those who run a small business specifically, we know that tax prep can be confusing and difficult, which is why we’ve compiled a list of tips to help you prepare your taxes correctly and on time.
1. Set up a calendar.
To stay on track with your tax and accounting deadlines, schedule time on your work calendar to focus on your taxes. This will remind you to keep up with it. By scheduling a little bit at a time, some of that stress can be alleviated.
2. Separate your business and personal expenses.
Keeping your personal finances and expenses away from the business’ can be quite difficult for a small company. But it’s important to do so, because if the IRS does not view your business’ expenses as legitimate and separate from your personal expenses, they can block you from receiving business deductions on your taxes. To avoid this from happening, create a system where you log your business expenses separately from your personal ones.
3. Know what you can write off.
Small businesses have access to many potential tax write offs. Keep the receipts to every dollar spent for your business—whether it is mileage, start up costs, office supplies or business travel and meals.
4. Contact a professional.
Sometimes it is best to have a professional—like Ferguson, Timar & Company—take care of your tax and accounting needs. That way you can focus on what’s most important: your business.
Do you need help with your finances? Contact Ferguson, Timar & Company today! Our expert team will take care of any tax and accounting issues you might have.