They aren’t going anywhere, they have to be done, and they are an integral part of your business. But taxes don’t need to be as overwhelming and frustrating as they have been. There is help out of there.
Here are 3 Tips to help tame the taxes for your small business.
Stop the paper and pen madness. Move your taxes to the 21st century and use tax software. Using great tax software such as UFile helps by automating the calculations and by providing a user friendly interface to make the data entry easier. The benefit of automated calculations on UFile work in your favor – it helps you know what deductions to insert and how to maximize your return. Hello money back! Using personal tax software is a good way for sole proprietors and self-employed workers to save costs on their tax filing and to give them greater insight into their tax situation. Of course, tax software is a tool and is not a replacement for tax expertise.
2. Systems and Structures
Having an established bookkeeping system is gold. Tracking your income and expenses on a monthly basis will save you time and heart ache. Take it from me. I am learning the hard way. Having a shoebox full of a year’s worth of receipts that I have to go back and enter is a serious thorn in my side. Have an expert set you up, or find a useful spreadsheet online. Whether you use accounting software, or an excel spreadsheet – the point is use it. And use it regularly.
3. Talk to the experts
Don’t sit in the dark when it comes to taxes. Please. Talk to an expert. UFile has a great resource section where you can find helpful answers to your questions. Business owners should be cautioned that, when in doubt, it is always best to consult with an accountant.
We are thrilled UFile is the sponsor of this week’s #MomBizMondays Twitter Chat. Join us on Monday, March 26th at 10pm EST to discuss Tax Saving Tips for women in business! Just follow the #mombizmondays hashtag and jump in the conversation! See you then!