Are You Scrambling to Get Prepped for Your Taxes? Here Are Some Tips

While tax day here in the United States is not until April 15, if you own a business and you intend to follow the rules, you’ve already started scrambling.

1099s were due to your independent contractors February 1, and if you are filing an S or C-Corp tax return, it’s due March 15, and then of course personal returns are due April 15.

That means you should have everything to your bookkeeper and tax advisor right around now.

If you don’t, or you are feeling stressed about the whole tax time scenario, here’s where we can help.

  1. Get set up with a great bookkeeping team that can meet with you each month to categorize your expenses so you aren’t scrambling to do that at year end or the start of a new year when you should be focusing on business growth;
  2. Ensure that your bookkeeping team never pays anyone more than $600 for the year without collecting a W-9 and then you won’t have to hustle at the beginning of the year to track down the people you paid so you can send them 1099s;
  3. Meet with your tax advisor during the fourth quarter so you can make wise decisions about your income and expenses (as an included service for our members, we can attend this meeting with you so you ask all the right questions and so we can support in execution of the strategy), and if you’ve been having monthly bookkeeping meetings with your bookkeeper each month, your bookkeeper can submit your books to your tax advisor in early January to prepare your return.
  4. Review your return no later than mid-February so you have time to look for anything that seems off before you sign.

Preparing for taxes doesn’t have to be difficult, if you have good “financial hygiene” practices throughout the year. If you don’t, make this the year you get them set up. If you are ready to do so,  start by sitting down with us. As your Creative Business Lawyer® we can help you identify your needs and wisely choose a bookkeeper and tax advisor who will make tax time a breeze for you so you can stay focused on innovation, income and creating a great product or service for your clients and customers.

This article is a service of A. J. Yolofsky, Family Business Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer a LIFT Start-Up Session™ or a LIFT Audit for an ongoing business, which includes a review of all the legal, financial and tax systems you need for your business. Call us today to schedule.