small business tax preparation

How to Prepare Your Business for Next Season’s Taxes?

Florida tax season is right around the corner. That means tax preparation and planning for SMB’s and individuals are in order as well. If you’re caught off guard this year, by doing a few simple things this year, you’ll be ahead of schedule next time tax season rolls around. Imagine how nice that would feel!

Tax Season Prep: Must-Dos for Small Businesses and Individuals

First and foremost, checking your paycheck withholdings are very wise. The changes that incurred in the 2018 season may have affected your paycheck, likely to the good. But… is that really good? If you’re taking home too much and not paying in enough, you know what that means. Prepare ahead of time by adjusting your withholdings to adequately fund what you’ll pay out. You may also want to complete a new Employee’s Withholding Certificate as well as a fresh W-4 reflecting the changes.

In the event that you don’t, or won’t, be eligible for a tax refund, you can budget accordingly. If you’ve always used your refund to finance your family vacation, you can put back money each paycheck instead. Your financial planner can help you become non-dependent on tax refunds and can help you prepare to pay in or whatever your individual case may be.

The number of individuals working from home as freelancers are skyrocketing. If you’re a freelancer, be sure to save vital records like carpooling information, gas and mileage tracking, Internet costs, and so forth. In addition, you’d be smart to put back 30% of your wages so you’ll be fully prepared. The same is true for being self-employed, even if it’s through an independent contract situation.

There’s a lot to know when it comes to taxes, especially when tax rules have changed as they have recently. Getting a professional to help with your small business tax prep is definitely worth the small amount you’ll pay. Chances are good that your tax preparer will save you as much or more as you paid him or her.

If you’d like to meet with one of our tax professionals about getting assistance with your Florida tax season taxes, give us a call or contact us online. We are experts at small business tax prep and would be happy to let you know what we can do for you.