Running a business brings its share of joys and challenges. Tax time can really bring those challenges to the forefront if you aren’t prepared. Follow these 5 tips to make sure you are ready to meet any IRS requirements and deadlines that are ahead.
1. Stay Organized
It is often easier said than done, but staying organized is the key to a less stressful tax season. Keep everything clearly labeled and in an easy to access location so you can refer to it while you complete paperwork. You might also want to look into electronic organizers that reduce the amount of actual paper you need to keep tabs on. Changes to the tax code can affect businesses, so you’ll also want to stay on top of those.
2. Document Expenses
Keep careful records of all business expenses. That means saving receipts, whether they are paper or electronic. Keeping business and personal expenses …