Efficiency is the name of the game at Agents of Efficiency (obviously) so we’re making it even more efficient for you to improve your business. Every week, we sort through all the boring stuff to bring you the best tips from the wide world of the web. For this week’s #2tips4tues, we look at some useful post tax season to-dos.
We’re all familiar with the preparation that goes into filing taxes. It’s an especially crucial time for small business owners, who must document and keep track of every little detail. But what about after tax season?
Bonnie Lee, author of Taxpertise, The Complete Book of Dirty Little Secrets and Hidden Deductions for Small Business that the IRS Doesn’t Want You to Know, recommends 2 post tax seasons to-dos:
Schedule a Mid-Year Review
Summer is the perfect time for a review with your tax guy or gal. “At this meeting you should provide a profit, loss, and balance sheet, discuss your business plans for the year, and comment on any business trends you are noticing that will affect your tax liability for 2017,” Bonnie says.
Adjust Tax Estimates
Re-evaluate your tax estimates from the previous year. Were they what you expected, or did you owe more or less than you thought? “As the year progresses, you need to keep an eye on your bottom line and adjust your estimates accordingly.” It’s no fun being caught off guard, so get a leg up on next year’s tax estimates.