Yes, I know. Taxes is one of those things that no one really wants to talk about. A lot of small business owners tend to think about taxes only when the filing deadline approaches. But it’s very important that we talk about it because if you do a few simple year-round tax preparation steps, then taxes do not have to be something that stresses you out in your business.
When I go to file my taxes every year, it probably takes me a couple of hours, max. The business portion of my taxes, on the other hand, takes me about 20 minutes. It’s really a breeze because I put a lot of effort throughout the year into making sure that everything is set up when tax time comes around.
Inside the video
So, if you are one of those who feel that tax season is the most stressful time of year, know that it didn’t have to be such an ordeal if you prepare your business year-round for tax time. Watch the video as I go over these 5 ways to help get you into the habit of doing just that:
- Keep a calendar.
- Have a good accounting system.
- Have a system for documents and receipts.
- Schedule regular money meetings.
- Pay quarterly taxes.
If you’re still a little confused about what taxes you need to pay for your business, you can also check out this article about business taxes to gain a better understanding of them. The last tip that I provided about paying quarterly taxes is also one of the most important things that you need to keep in mind.
Once you incorporate these simple steps into your business strategy, you will surely reap the benefits of feeling less stressed-out when tax season arrives, as well as improving your overall financial health at the same time.