Spring is the best time of year for many people.The harsh winter is over, flowers are blooming, and the weather is finally warming up.All of that is great – but spring is also a time for doing some not-so-fun activities…like paying taxes!But, taxes are something every business must handle. So, you might as well handle them the right way. That’s what we’ll help you with in this article.Today, we’ll give you 3 spring cleaning tips for handling your taxes efficiently.
1. Mark Your Calendar with Key Dates
While many of these dates have already past, there are still some important ones to keep in mind. By being aware of these dates, you can make sure you get your taxes handled on time without any penalties.
Here are the dates to be aware of:
- March 31 – the deadline for electronic filing of Forms 1098 and 1099s
- April 18 – Tax day. For self-employed people, this is the deadline to file Forms 1040, 1040A, and 1040EZ. For C-Corporations, it’s the final date to make payments for the calendar year and to deposit the first installment of taxes for 2017.
- June 15 – The deadline to make estimated tax payments for the second quarter of 2017.
- September 15 – The deadline to make estimated tax payments for the 3rd quarter of 2017.
- October 16 – The last day for self-employed people to file taxes (if they requested an extension)
- December 15 – The deadline to make estimated tax payments for the 4th quarter of 2017.
2. Get Your Documents and Receipts in Order
Hopefully, you’ve been keeping organized records of your business income and expenses throughout the year. If not, this step will be a bit more tedious. When you have your documents and receipts in order, you’ll be a lot more prepared for whatever the IRS throws at you.If you haven’t been doing this all along, you should consider it for the following tax year. Here are some apps that can make this easier for you:
- Expensify – Keeps track of small business expenses and mileage, and allows users to scan and upload receipts.
- Concur Mobile – Helps you easily manage your travel and expenses. It’s perfect for small businesses with employees who travel frequently.
- Mileage Log+ – It’s not always easy to get accurate and timely mileage logs from your employees. This makes it a challenge to reimburse them correctly. But this app makes it easy to track gas mileage, and it also has a mileage log and IRS rates for reimbursement.
3. Choose the Right Accountant
Your business is unique, and you should have an accountant who understands it, as well as understands your industry. Otherwise, you may miss out on big tax deductions, and probably end up paying a lot more than you should.Sure, you can opt to do your taxes yourself – but again, you’ll probably miss out on some big opportunities, and you’ll also spend valuable time you could be using to improve your business.
4. Research Potential Tax Credits
Tax credits are subtracted right from your tax bill – so, the more of them you can apply to your tax situation, the fewer taxes you’ll have to pay.Do your research – some industries (and different situations) offer more tax credit opportunities than others. Also, make sure to discuss potential tax credits with your accountant.
Spring is a great time of year, and taxes may be the worst part of it. But, they’re a necessary part, so you and your business might as well handle them the best way possible!With these spring cleaning tips, you can handle your taxes efficiently and move on with the rest of your Spring!