Yes, it’s that time of the year again (taxes and last-minute tax tips!). One thing that almost all business owners can definitely agree on is that the tax season is one of the most stressful times of the year. Most likely, some had been spending weeks sorting through accumulated receipts and statements just to produce a cohesive financial profile, while there will always be those who prefer to wait until the very last minute before taking on these tax-related tasks.
In the US, April 15 has always been synonymous with Tax Day for the past 60 years. This year, however, as you’re all well aware of by now, it’s been moved to July 15 in light of the ongoing COVID-19 pandemic. Despite having been given an additional 3 months to prepare and file our taxes this year, you should be aware that you still have the option to apply for a 6-month extension if you do need more time.
Inside the video
If you haven’t filed your taxes yet, then you should be getting things ready by now. Watch this video where I share some valuable last-minute tax tips for online business owners to make filing easier now and in the future. Here’s a quick summary of the points that I’ll be going over in detail:
1. Take the time to organize your records.
2. Don’t wait until the last minute.
3. Prepare, take a break and then come back and review.
4. Do a review of your accounts to make sure you’ve captured all expenses.
5. Don’t forget untracked income.
6. Keep good documentation.
7. File even if you can’t afford to pay.
Even if you have already finished filing your taxes, these last-minute tax tips will still be handy for you in the years to come. Good financial habits, like any other habit, are cultivated with time after all.