Mid-Year Tax Tips for Small Businesses
Like it or not, the year is already half over! Crazy, right? Even though you’d likely rather do many other things, there’s no better time to start your small business tax planning than NOW! In this Tally Services blog, we’ll cover our top mid-year tax tips for small businesses to help you get ahead of the tax crunch and stay that way.
A little pre-planning and organization can go a long way come tax time. Trust us, your future self will thank you for the foresight, and it’ll save you a big headache later. Our top mid-year tax tips for small businesses include:
Get Organized
If you aren’t already doing so, now is the time to get your tax documents to date in order before you’re totally overwhelmed and in a hurry. On the Tally Services blog, we frequently implore small business owners to get organized and stay organized all year long. Save your receipts in a logical way, stay on top of your books, keep your expenses in check, and so forth. Doing so will help you come the end of the year and make your filings go much more smoothly. Check out our other tips for keeping your small business’s books and tax documents in order.
Hire Your Kids
Mid-year typically means one thing: summer! If you own a business and have teenagers at home, you’re in luck! Consider hiring your kids (or grandkids) to help you in the business. This will not only give them work experience, but also save you come tax time. Learn more about the tax benefits of hiring your kids in this recent blog.
Mind Your Online Sales
If your business sells goods or services online, it’s critical that you understand reporting obligations and collecting sales tax. Properly reporting these figures and keeping detailed records all year long will keep your business from a big mistake at the end of the year. Learn more about online sales and what to watch out for in this recent Tally Services blog.
Understand Your Tax Obligations
If you’re a new business just getting started, one of the very first and most crucial steps is to understand your federal, state, and local tax obligations. Depending on the organization of your business, where you’re located, if you sell online, and so on, your tax obligations and reporting requirements will vary. It’s important to know and understand these factors up front to make sure your business handles taxes properly from the get-go.
Ask for Help
If the mere mention of tax time is giving you heart palpitations, ask for help! Tax preparation doesn’t have to be stressful, especially if your records, filings, and documents are managed all year long.
Tax time will be here before we know it. It’s one of the most hated parts of owning a business, but it doesn’t have to be. Get ahead of the game and heed these mid-year tax tips for small businesses. Tally Services offers local small business accounting and bookkeeping services, and we’re here to help you stay on top of your books all year long. We offer everything from tax prep to fractional CFO services, completely customizable to meet the needs of your business. Please contact us today to learn more about Tally Services and how we can help your business grow and succeed!