Simple Strategies to Reduce Stress during Tax Season

Tax season can be a stressful time for small business owners, especially if you haven’t been consistent with financial tracking throughout the year. As we are approaching tax deadlines, it is important to consider the financial standing of your company. Don’t get stressed out by the process though! Here are a few things that you should do to minimize the stress during this time of year:

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Gather Information about Expenses and Profits

Your accountant will need help with the financial details for the year, so you need to make sure that you are ready to provide the necessary reports and numbers for the tax filing. Make sure that you have an effective system in place which will help you to stay on top of the books, making it easy to gather the information that is needed when it is tax time. Many people find it beneficial to hire the services of a small business bookkeeper to manage these details on a weekly or monthly basis.

Double Check Employee and Contractor Info

As you are preparing W2s and 1099-MISC forms, it is a good idea to double check employee information before sending out the forms. Having an old mailing address or incorrect information can result in a situation where the employee doesn’t receive the necessary tax forms, so they will contact your company requesting to have the forms re-sent.

Save your company time and money by double checking the employee information in advance, to ensure that the form is sent to the right place. It is a good idea to have each employee verify the mailing address, name, and social security number.

Evaluate Employee Benefits

How effective are the benefits that you are offering to employees? Many small business owners get the benefits setup and then they forget to maintain these details on an ongoing basis. Look at details such as paid time off, flexible spending accounts, retirement accounts, and bonuses that were paid during the year. Make sure that the benefits were administered correctly and that the benefits are entered correctly on the tax forms.

Are you looking for someone to help with your company during tax season? One of the best ways that you can lower your stress levels is by hiring the right team to assist every step of the way. Here at Easier Accounting we offer both bookkeeping and accounting services for your small business, and we would love to help with anything that you need. Call us today for more information: (888) 620-0770

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