Let’s face it: most business owners loathe managing their taxes. Check out these tips to help your Apopka tax prep run smoothly the next time around.
Implement An Accounting Software
Accounting software eliminates the guesswork and automates the processing of your financial records. Although each software may offer different features, it is best to choose a program that tracks assets to ensure new assets acquired during the year are added to the depreciation schedule.
The right accounting software helps tally your sales and expenses on a daily, weekly, monthly, and annual basis to determine your net income for tax purposes. The program also has the ability to track liabilities, confirm loans, payroll taxes, sales tax, and accounts payable. By utilizing these features you guarantee all of your information is accounted for and you will have a better outlook of your financial health.
Confirm Your Apopka Tax Prep Records Are Up-To-Date
Keep your records in a safe place so you can quickly find these at any time. Gather supporting statements for all bank accounts, credit cards, and loans to confirm all accounts have been reconciled. Keep this in mind as the interest expense impacts your net income.
Along with gathering these statements, verify your tax liabilities to make sure you’ve made all weekly, bi-weekly, monthly, quarterly and/or annual tax deadlines to avoid penalties and interest.
Be sure to run a detailed report listing all of your accounts payable and receivable to verify the information matches the records on your balance sheet.
Partner With A Bookkeeper
Accounting software is great for automation, but walking through the process with a human might be more beneficial for business owners who want to review and understand this information. A bookkeeper can help you get organized and stay organized with your financial transactions.
Instead of paying late charges or worrying about penalties, investing in a bookkeeper will save you time so you can focus on growing your business. Best of all, a bookkeeper will help you stay proactive in your tax planning. At KEM Business Solutions, we’re dedicated to helping you feel more in control of all aspects of your business.
Ready to own your Apopka tax prep? Give us a call today(link to tel:4075980654), or email us with your questions.
Having the best tax preparation strategy for 2019, will help eliminate the stress of compiling tax information to provide to your CPA. It will also eliminate the sticker shock when the tax return is completed, and you must write the check to the IRS. Best of all, it will allow you to be proactive instead of reactive in your tax planning. At KEM Business Solutions we are dedicated to helping you feel more in control of all aspects of your business.
If you have any questions or need our help, please give us a call at 407-598-0654. Or just send us an email to firstname.lastname@example.org.