Corporate Taxes: Tips to Stay On Top of Your Taxes Year Round

After the headache of tax season, it can be extremely tempting to throw all your receipts, invoices, and mileage records in a box at the foot of your desk and not think about them again until tax season comes back around. However, we’re here to be the first to tell you, it’s much easier to stay on top of your business taxes year round, rather than waiting until the last minute. We promise you’ll thank us later!

Tally Services, your local accounting and bookkeeping firm, recommends keeping track of the document, receipts, mileage, and more all year round so you’re not scrambling at the end of the year to find what you need to successfully file your business taxes. It’s best to stay on top of taxes and keep organized so the paperwork can be more easily managed come tax season, and you’ll be less likely to make a mistake and risk an audit.

Benefits of Staying on Top of Business Taxes

While it might not be appealing to think about taxes on a weekly or even daily basis, doing so will make tax season much easier and will greatly reduce your stress. The benefits of staying on top of your business taxes include:

Top of Mind
A year from now, you’re not going to remember what that crumpled up receipt was for, how many miles you drove between jobs, or what exactly you can actually deduct. It’s much better to write things down now and account for them while they’re fresh in your mind. This will help you keep better track of tax items in the moment to make your taxes as accurate as possible.

Save Time
By keeping your tax documents organized, you’ll save yourself a ton of time next tax season, because it will all already be prepared. You won’t have to sift through receipts, try to remember what you did this time last year, or worry about getting all the paperwork ready for your CPA. Taking a little time each week to properly file and label things will make a big difference in the long run.

Reduce Stress
By staying on top of your tax documentation, you’ll save yourself from a big headache when tax season rolls around again next year. You won’t feel under the gun to get it all done, and you won’t have to lock yourself in your office for a long weekend to get it accomplished. Reduce your stress and save yourself from the headache of taxes by simply managing your tax prep year round.

To help you manage your tax preparation all year long, use these tips to stay organized:

• Make time for taxes by blocking a bit of time in your calendar each week to spend time organizing your tax documentation and filing it away.

• Stay committed! Small business owners often start the year out being committed to keeping their taxes straight, but fall off the wagon by the end of the year. Continue to be organized all year long.

• Start a filing system to keep your receipts and documentation organized. It will be easy to file it away each time you get a new receipt if there’s a place to put it.

Staying organized and keeping track of your tax season documents all year long will help make tax season much more bearable. When tax season comes around again, you’ll thank yourself for staying on top of it. Click here to see more organization tips to keep your accounting organized.

Does your business need help getting and staying organized? Contact Tally Services in Fort Collins, Colorado. We’re here to help you create a system that works for your business to stay on top of the financials and be ready for tax season by managing the larger financial well-being of your company on a continual basis. Don’t hesitate to reach out if we can help your business plan for and better manage corporate tax preparation all year long.