Tax season, in case you haven’t wanted to think about it, is right around the corner. Now that all of the 1099s are out to your team, employees and consultants, here are 12 quick tips to help you with your taxes.
- Collect and use your receipts – even little things add up.
- Run your inventory through your POS for easier profit and loss calculations.
- Connect your merchant account, POS or mobile processing system to QuickBooks.
- Deduct what ever you can from your credit card processing fees and expenses.
- Use a professional – bookkeepers can help properly calculate your income and expenses.
- Use a professional – accountants and certified tax preparers can be there to help you find deductions and tax laws that work for your business.
- Run all of your transactions, cash, check, EFT, ACH and credit through your POS to make sure that you are aware of your gross sales.
- File early or at least on-time – extensions cost you if you underpaid estimated taxes.
- Pay your taxes on a quarterly basis and save what you might owe.
- Contribute to your IRA, SEP or 401K – pay your “future self” rather than paying taxes on income.
- Eliminate multiple credit card processing systems if you have separate systems for online and in person transactions.
- Check out a few more specific reminders from the end of last year, in case you didn’t have a chance to review – read 4 More Ideas for your 2017 Taxes here.
With corporate taxes due in just about 6 weeks, personal and LLC taxes due just following, you still have time. If there is any way that we can help you to report and deduct as much as is legally possible, let us know. While we are not tax professionals, we work closely with many in this field to their clients help keep and retain earnings.
~ Mary Ann