5 small business accounting tips for post-tax season
Congratulations! If you’re reading this post, you survived tax season. We understand if you’re sick of thinking about filing taxes and all of the components that come with this. Still, you may thank yourself later if you start preparing for next year’s Tax Day now.
In this post, we’ll share five must-know business tax tips for small business owners. Taking charge of your small business accounting early will ensure that you’re productive during the post-tax season.
1. Keep track of receipts – Be a dedicated record keeper during the post-tax season. It’s never too early to start organizing your receipts and other important documents needed to file taxes. You’ll thank yourself next year when you’re not scrambling to get everything together!
2. Check out tax tools – There are a wide variety of small business accounting tools to take advantage of. From inDinero to Expensify to QuickBooks, there are so many apps and software programs that help business owners better organize their finances. With these apps, you’ll have all the information you need, just a click away. Ensure that you do research prior to signing up with one of these sites, to ensure that they have everything your business will need. In addition, it may be helpful to ask fellow business owners which companies they have had success with.
3. Consider outsourcing accounting – Maybe you handled your small business accounting needs this past year. If it ended up being an overwhelming process, you may benefit from hiring an outside professional to handle your taxes. They’ll be able to provide you with small business tax advice that you don’t currently know, and will be able to handle the actual process of compiling your tax documents.
4. Determine how to use your refund – If your business is receiving a tax refund, you’ll be faced with the decision of how you should utilize it. Perhaps you have an upcoming expansion project, or maybe you’d prefer to save the funds for now. Before you decide, consider how you could grow your operations with this additional cash.
5. Consider applying for a business loan – Now that tax season is over, you may have some extra time on your hands. You may also be recognizing a need for additional financing. Why not apply for a small business loan with this free time, and fix your cash flow issues too? Pursuing small business financing can get your business on track for the next year. You’ll be able to make necessary upgrades, which will hopefully in-turn increase revenue.
Now that you’ve read these business tax tips to follow during the off-season, you can get ahead of schedule for next year’s Tax Day. Have your own small business tax advice? Let us know in the comment section below, or tweet us at @ForaFinancial.