Are you struggling with your taxes? Here are 5 ways we can help you now – and in 2020!
We can’t help you make up for the things you didn’t do last year, but since hindsight can help you prepare for your taxes in 2020, let’s get you on the right path to be ready next year.
Tip #2) Thinking about how to do more with less, take the time to integrate your merchant services account with your Point-of-Sale and easily track your inventory, in real time and measurable as compared to sales. (If you have already done Tip #1 – this information will also be in your accounting and bookkeeping software, too.)
Tip #3) If you are manually entering invoices for your 2018 taxes, connect your invoicing process to the way you collect payments with an e-mail friendly, click to pay solution. This can match up the invoice and the payment to connect the anticipated revenue to what was actually collected. Easy reporting will give you a summary of this month by month and year over year, too. (This can help you predict your monthly or quarterly tax filings…which leads us to Tip #4.)
Tip #4) Plan quarterly tax filings and set them up with auto pay from your merchant account. Yes, you can do this and then, you won’t have to worry whether not not they were filed on time, or in the right amount. Speak to your accountant or tax professional and make sure that you are making adequate payments to eliminate costly penalty fees. With the newest tax laws, you may be surprised at what you owed this year – be ready for next year!! (Don’t overpay or underpay!)
Tip #5) Download your monthly merchant accounts and annual summary. If you are running all of your company’s payments through your TransAct account, not just credit card payments, but also ACH and e-Checks, then everything will be on one integrated statement. With the click of a button, you can access your statements. Save and share them with your tax professional in formats that allow them access without any number crunching, thus saving you time and money.
Hopefully some of these practices are already in place in your business. If so, and you have other questions on how you can make next year’s taxes even easier, get in touch with us now. We can help make sure you are not in the same place a year from now.