Business tax season is almost here, and many have likely already filed their returns. However, even if that major task is completed, business accounting is a year-round project, so there’s still a good deal of work to be done in the immediate aftermath. Below are a few post-tax chores every company should take care of.
What to Do After You’ve Filed Your Taxes
1. Schedule a Thorough Analysis
Most business accounting professionals are pretty busy during tax season, but they’ll have more time once the filing deadline passes. Schedule an appointment with your tax preparation professional to find out how you can lower your liability in the future. An analysis will help you set up a tax strategy for the upcoming year, helping you take advantage of deductions you might have missed and maximizing the effectiveness of your purchases.
2. Hire a Bookkeeper
Having accurately maintained financial records will make filing next year’s taxes much easier, so find a good bookkeeper to handle these tasks for you. They can also set up a business accounting system that will streamline your operations, allowing you to concentrate on what you do best.
3. Find a Payroll Professional
Payroll is one of the most time-consuming, confusing aspects of preparing your taxes, even if you only have a single employee. If you haven’t already, consider finding a third-party payroll processing company to calculate your taxes, pay your contractors, and report those earnings to the IRS.
No matter what industry you’re in, the CPAs at Denmark & Brown PC have the business accounting experience and expertise to take the stress out of filing your taxes. This team has helped businesses throughout Statesboro, GA, with everything from major project audits to tax preparation for sole proprietors. Visit their website for more on their background and experience, or call (912) 764-4123 to schedule an appointment today.