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Tax season is stressful for everyone, but when you’re a business owner, it can be even more trying. There are documents to compile, expenses to track, and profits and loss statements to gather for your accounting firm to handle your tax prep. However stressful the season may be, there are a few things you can do to help reduce stress and streamline the filing process. Here are a few helpful tips to make tax time easy to manage.

3 Tips for Eliminating Stress During Tax Prep Season

1. Start Compiling W-9s Ahead of Time

Contract workers are a great way to add to your workforce, but you’re still required to report the wages you paid them to the IRS. The best way to do this is to make sure each contract employee you hire has filled out an updated W-9 form before the end of the year. This will help your accounting firm enter the necessary information for the 1099-MISC section on your business’s tax return.

2. Track Tax-Deductible Purchases & Expenses

Accounting FirmEvery business has regular expenses, but some of them are tax deductible. Things like rent payments, equipment purchases, utility costs, and even employee salaries are often all tax deductible. Throughout the year, keep track of these deductible expenses as accurately as possible. This will help reduce your tax liability at the end of the year, decreasing how much you owe the IRS significantly.

3. Hire a Professional Bookkeeper

Though it is possible to handle your own bookkeeping, it’s far easier to outsource the task to an experienced accounting firm. Before tax season starts up in earnest, find a bookkeeping specialist to help get your documents together and ready to be filed. They’ll make sure everything is organized and in order so your accountant can file your return quickly.

 

Tax season doesn’t have to be a major source of stress for your business. Let Clark W. Terrell CPA in Crossett, AR, handle your business tax preparation this year. As a locally owned, full-service accounting firm, their team will make sure your tax return is filed accurately and on-time, no matter how large or small your business is. If your schedule is too packed to allow you to come to the firm, Clark will come to you. Learn more about their services online and call (870) 364-5006 to schedule a consultation today.

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