4 Things you Should do NOW to Prepare for Taxes Next Year

woman with glasses

Tired of always being stressed about taxes? Coming to the realizing that “There IS a better way” is the first step to taming tax time. The next step is to figure out what you can do now, months ahead, to build up to a stress free April 15th. 

Getting ahead of the game can lead to a less taxing tax time with fewer mistakes, meaning your business and you are much happier. Here are a few easy things you can do now for a less taxing tax time in 2017: 

1. Organize Your Paperwork

You typically wait until April 14th to even think about gathering all your necessary materials. After all, you don’t file until April 15th, so why rush things? The trouble with this thinking is you’re setting yourself up to have problems right off the bat. Instead of waiting around and rushing at the last minute, get all your paperwork together right now, well before the New Year hits. Find a good spot that works for you – a folder system, or by digitizing all your receipts and forms with a company like Shoeboxed. Of course you won’t receive tax forms from clients or banks until next year, but getting your system organized now will make it a snap to fit those forms in! 

2. Brush Up on Deductions

There are undoubtedly a ton of deductions you need to be taking at tax time. The problem is you wait so long to do your taxes you don’t have time to properly research them, so you just skip this section. This is literally like leaving money on the ground and walking away. Take time now to brush up on these deductions. Home office, mileage, office expenses – there are so many for you to take that it’s worth it to look at everything way before it’s time to file. This way you don’t miss anything and you can save a ton of money! 

3. Take Advantage of Tax Breaks

We mentioned deductions earlier, and hopefully you already have some to utilize. Even if you don’t, though, you have a couple months before the end of the year. It’s time to take advantage of the tax breaks available to you. For instance have you given to charity this year? If not, there’s still time. There are also tax breaks for things like making your home “green” or when you contribute to a retirement account. Now’s the time to make these changes so you can get some help in 2015. 

4. Remember There’s an App for That

Feel like everything is getting away from you? Wish you could get organized but having trouble keeping up with your basic recordkeeping, much less your taxes? Luckily, you have options. Bookly can help you with your small business accounting. 

By freeing this up you have more time to do other things like get your tax documents together and figure out deductions. This can also aid you going forward and instead of always worrying about your finances you can concentrate on growing your business. Bookly is here to help get your books in order, discover those hidden tax deductions, and keep you up to date so that tax time doesn’t sneak up on you. Try us today and make tax time less taxing!