You've Filed Taxes - Now What?

| May 2, 2014 | By

Tax season is over—Now what? Owning and running a business can become increasingly more hectic as tax season approaches, and we’ve found that there are ways to alleviate the stress! A lot of our clients ask us what they should do to keep their finances in order during this “vacation” period so we decided to put together some tips.

8 Tips for a Stress Free Tax Deadline

  1. STAY FREQUENT - Update your books weekly, monthly, and quarterly. This includes saving receipts, tracking mileage, paying any estimated taxes, updating bill payments, and more. Staying on top of your expenses is not only helpful for your organization, but it’s also valuable come refund time.
  2. STAY CONNECTED - Set up a mid-year review with your tax pro. There’s no better time to check on your profits, losses, assets, and balance sheets in order to continue your success or adjust if necessary. They can guide you towards any missteps you’re making or help you capitalize on potential savings.
  3. STAY UPDATED - Review important new laws. With the addition of required healthcare and ever changing laws about retirement, you need to know exactly what is required from your business. Penalties for mistakes could sneak up on you if you’re not fully informed.
  4. STAY SAFE - Shred any and all sensitive documents. From outdated bank statements and checks to junk mail and credit card offers, it’s vital that you shred items that could get in the wrong hands.
  5. STAY DUPLICATED - Back up your electronic records. In the event of an emergency, the last thing you want is for your business to lose transactions from even one week, let alone one year. Setting aside a separate back-up hard drive is an invaluable form of insurance for your records. If you like digital, dropbox for business is pretty interesting.
  6. STAY HANDY - Ditch the shoe box! Get handy, on-the-go tools for making the process easier. Whether it’s tracking miles or scanning receipts, having a database that de-clutters your bookkeeping is a must for business owners.
  7. STAY FRUGAL - Learn about new ways to save money. Accountants are an integral part of financial records, but it’s always beneficial for owners to brush up on their accounts. It’s important for you to know certain rules that benefit your business and potentially give way to oh so valuable tax breaks.
  8. STAY SMART - Ask questions! Tax professionals like us here at Ignite Spot are excited to help owners understand how to better run the financial side of business. Give us a call today!

Quick Tutorial on Dropbox

So avoid scrambling together during next year’s tax headache and take advantage of these important tips. Or reach out to us and allow our expert team to answer any and all accounting questions you need to run a more efficient business!

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