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Owning your own business and working for yourself is extremely rewarding, but it does make tax prep more complicated. Many business owners spend hours hunting down receipts, researching changes to the code, and double-checking paperwork, but still find themselves confused and overwhelmed. Below are a few key tips for taking the stress out of filing your business taxes.

How Business Owners Can Make Tax Prep Less Stressful

1. Start Gathering Documents Early

The sooner you start to prepare for tax filing season, the better. Not only will early preparation take some of the pressure off, but it will also give you time to correct issues and track down documents you might have forgotten. Start by getting a copy of last year’s tax return, all of your payroll records, bank and credit card statements, and receipts for any business-related purchases. You’ll also need your gross receipts, records of estimated tax paid, and asset depreciation schedules to prepare your income and expense statement.

2. Don’t Miss the Deadline

tax filingManaging a small business means there are always a host of problems competing for your attention, so it’s easy to let the tax filing deadline sneak up on you. However, this can be an expensive mistake, resulting in fees and penalties that will only grow the later you put off filing. 

3. Include All Your Expenses

Taking advantage of every deduction you qualify for means combing through your expenses for costs that might not be included in your business records. For instance, you may be able to deduct personal vehicle mileage, or a portion of your housing expenses if you maintain a home office. If you traveled for business, your transportation, lodging, and some of your meals might also be deductible.


 

Whether you’re a freelance contractor or own a mid-sized business, JJR & Associates has the experience and tools to take tax planning off your plate. Businesses throughout the Greater Atlanta, GA, area rely on their team for superior consulting and accounting services, including tax prep, bookkeeping, and payroll. Visit their website to learn more about these and other services, or call (404) 437-7748 to schedule an appointment with a certified public accountant today.

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