This year, tax season, seems to be just a bit harder for everyone…so, just in case you don’t know if it is a good or bad year here are 9 Tax Tips for 2019 (and a little secret, these probably will apply next year, too.)
1. There are so many new tax rulings and laws, if you don’t typically use a CPA or professional tax preparer, start now and skip the guesses that can get you into trouble.
2. Compare your POS reports to your merchant statements and make sure that they are in line with your income statement in the accounting software (ahem, can we say Quickbooks®).
3. Deduct all allowable expenses for credit card processing fees.
4. Review ongoing monthly service fees, take this moment to reconsider those that are redundant or could cost you less.
5. Process all of your transactions, cash, e-check, EFT, ACH and credit card payments through one system – and connect it to inventory management as well as accounting software.
6. File early – this year, you might actually be getting a refund.
7. Plan ahead and make quarterly filings so you have what you need when tax bills are due.
8. Contribute to your IRA, SEP or 401K, even if it doesn’t change your tax on income.
9. Eliminate multiple credit card processing systems, such as those used for in-person, over the phone or online transactions, these costs can add up and while (probably) deductible, are still adding expenses – we have simple integration tools to help you here.
With corporate taxes due in about a week, personal and LLC taxes due in 6 more weeks, make the time to get everything done on time. If you need a referral to a new accountant, let us know. While we are not tax professionals, we work closely with many who can help their clients retain more revenues and pay only what you need to pay.