The filing deadline is fast approaching, here are a few tips to cross that task off your to-do list now:
1. Note the deadlines.
Get clear on the deadlines for your corporate, franchise tax, individual and any other tax returns that are required. Even though you might hire someone to complete and file your return, you’ll want to make sure the deadline has been met.
2. Are your books up to date.
If your books are behind, the first step is to get everything recorded so that your tax return will be accurate. With automated bank feeds and data entry automation, this is easier than it’s ever been before. If you have cash transactions or receipts lying around that your accounting advisor doesn’t know about, be sure and get those pulled together so nothing is left out.
3. Do you need any year-end changes. Some businesses need additional year-end adjustments, and now is the time to make them. These include items such as loan balances if the interest adjustment has not been booked every month, depreciation and amortization, accounts receivable write-offs, accrual vs. cash basis adjustments, and possibly clean-up work. Have your accounting advisor help you with these items.
4 As you receive your 2017 tax documents, keep them all together in a special place. Download them or scan them in and keep them all in one folder. Better still is to have this set up in the cloud so that in the future you will have everything ready without the last minute stress. These tips will save you not only tax stress but also money in the long run. Having your accounting properly set up and managed will make all your filings easier and faster. And, as always, if we can help you with any of this, please reach out to us.
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