7 Tax Tips for this Tax Season
Are you ready? I am, almost. As tax season comes around the corner, we are all beginning to prepare for filing. While some of us are prepared, some are not. Some are dreading the whole ordeal. And if you’re a small business owner, even if you are prepared, it can be very stressful. Did you save all of your business receipts? Is your financial information up to date? Do you even have the numbers ready? Did you back up your financials? Where is the backup?
You don’t have to just jump right in. Here are a few tips to help you ease into tax season.
- Use technology. It makes financial tracking, tax prep easier and gives you more time to focus on the rest of your business. The biggest mistake is not choosing tax technology at all. You can save money, increase accuracy and save time with technology.
- Choose a Cloud based tax software. This is a big benefit. If you choose an online tax software that can grow with your business, your financial information will be continually updated. That just means, less basic business information to enter, quicker recovery if there’s a disaster and you can have analytical capabilities.
- Confirm the cloud based tax software you choose is secure. Verify that they use the most secure technology available. Do this for both the Federal and State software you use
- To eFile or not to eFile? Is it safe? Should I use it? Yes and yes. Even though your tax data, credit card and bank info is transmitted when you eFile, it is encrypted. The hard copy you put in the mail is not.
- Reduce the “Human-Error” factor. When you mail in your return, not only can your info get lost in the mail, but the IRS has to manually enter or scan your data into their system. When you eFile, you get immediate confirmation that your tax return has reached the IRS. The bonus is the tax software does all of the calculation and double checks the numbers for you.
- My favorite thing about filing electronically – not only will you know when you will get your refund, your money can be deposited directly into your bank account.
- Last but not least – use a Professional. Maybe this should be no. 1. Get assistance from an accountant. There are plenty of tech savvy advisors out there who can help. Many CPA’s have expanded their practices to include assisting clients in technology adoption. If you don’t have a tax software you use, they can either help you choose one or just handle all of your taxes for you.
While we cannot help you do your taxes, we can help you with backup options and tax software that can help make tax time easier. Contact us today to learn more about Carbonite backup solutions and Intuit tax and finance software. We are authorized resellers of both.