Not that anyone really wants to think about next year’s taxes in the first or second quarter of the year, when they are deep into trying to get the previous year’s tax return filed. However, there are some things that you can do while you prepare the return that is due currently, that will help you next year as well.
Think about Efficiency
While you are working on getting things ready for your tax accountant, or even if you are filing your return yourself, take note of things you wish were different. Are you having trouble finding documentation or tracking certain transactions? Is your filing system not as efficient as it once was, or could you save time by doing something differently? If so, start those processes for the current year now, so that you do not run into the same problems next year.
Pay Attention to What You Missed
Are you going to miss out on certain deductions or credits that could have been claimed if something had been done differently? Will it apply next year if you do those things in the current year? Don’t wait until you are out of the tax crunch. Initiate whatever you need to now. If you need to back track you want to do it sooner rather than later.
Would some tasks be handled more efficiently if they were outsourced? Maybe some new accounting software would work better that what you are currently using. Do you have trouble understanding your financial statements? Find someone to help you or get training in financial statement analysis. You will be a better business owners if you can see the tax impact that financial transactions will have before they happen.
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