Get Ahead of the Game! Tips for an Organized Tax Season

We know that tax season ended recently, and we’re all patting ourselves on the backs for getting through it! While taxes are definitely not the most exciting part of running a business, starting the season with good habits can transform the experience from stressful to smooth.

This month, we’re focusing on how you can set yourself up for an easier tax return next year. With a few practical tips and some smart strategies, you’ll be well-prepared when tax season rolls around.

Know Your Write-Offs:

Beyond the common deductions, many business owners miss out on lesser-known write-offs. For example, you can deduct professional development expenses such as courses or seminars. Additionally, if you use part of your home exclusively for business, you might qualify for a home office deduction. Even software subscriptions for business use, like accounting or project management tools, can be deductible. Check out our newsletter from last year about more uncommon write-offs.

Keep Your Receipts:

Good record-keeping is essential for a smoother tax process! Save all your receipts and categorize them as you go. Digital receipts should be stored in an organized manner, ideally with accounting software, and physical receipts should be scanned and saved to avoid losing them.

Utilize Accounting Software:

Investing in accounting software like QuickBooks can save you time and hassle. These platforms keep track of your expenses and income and help you generate necessary financial statements and tax documents, ensuring you’re ready when filing time comes

Set Up for Success:

Acknowledge that tax season is usually not fun, but setting up good habits now will make a big difference. Schedule regular check-ins, either monthly or quarterly, to review your finances, reconcile accounts, and ensure everything is up to date. This proactive approach reduces last-minute stress and errors.

Getting organized at the beginning of tax season is a crucial step towards long-term business success. By knowing your write-offs, keeping thorough records, and utilizing accounting tools, you can simplify the filing process and save yourself a lot of headaches. Embrace these habits, and you’ll find that tax season can be a lot more manageable!

Joshua Brackett

Tips from Our CFO

Tax season can be a daunting task: gathering documents, working with a CPA or tax software, rearranging minute details that have already happened. As a small business owner, there are two things to think about as you gear up for tax season.

One: Make sure you have an expert you trust to help you do the filing.

Two: Know your goals. Are you a lifestyle business, are you building a legacy, are you growing, are you comfortable and just want to maximize where you are? Each of these answers can have a different impact on deductions and how you make important taxes decisions.

Keep this in mind as you work with your tax expert so that you can have a smooth process supporting your plan for the business. –Joshua Brackett, Ascendus CFO

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