3 Things To Remember When Preparing For The Upcoming Tax Season
Business owners know that owning your own business is a mix of joy, challenge, success, disappointment, and accomplishment. Sometimes it can feel like you are on your own in running your business, and that can be daunting. Monarch CPA can help with the financial side of your business by providing accurate and reliable tax accounting services, while also helping you better understand you finances in preparation for tax season.
There are three basics all business owners should do for their finances:
1) Get Your Bookkeeping in Order
You cannot file your taxes without complete and accurate financial records. Make sure you are recording all your business transactions in your general ledger, and that you are categorizing each transaction as accurately as you can. This is something you can and should be doing throughout the year as consistently as possible to help make things easier come tax time.
Always check your books against your bank records for accuracy. Whether you keep a digital or manual ledger it needs to be checked against bank statements. Keeping your accounts reconciled can save you and your accountant loads of time and trouble in April.
It is important to make sure personal and business expenses are kept separate. It takes more time and effort to sort through mixed expenses than it does to keep them apart. Not only can this be messy at tax time, but you might actually overlook some possible tax deductions.
Managing your own bookkeeping may save money in the short term, but it is more advantageous to have an experienced CPA like Monarch CPA who specializes in accounting and tax services. They can make sure the business is set up properly, that taxes are paid on time, and that your business is in good shape for the upcoming tax season.
2) Get your deductions and paperwork organized
No one wants to get audited by the IRS. Tax season may include scrambling to locate receipts and bank records to keep on hand in case of an audit. That is why it is so important to keep your books in order and all receipts filed properly. After reconciling accounts each month, match up receipts with statements and keep them on hand to avoid having to track them down at the last minute.
Not sure which expenses are tax-deductible? Monarch CPA are accountants for small businesses that offer tax services in and around the Northern Virginia area. We can help answer your questions and organize what is needed.
3) Seek out the help of an experienced CPA
Don’t let preparing for the upcoming tax season overwhelm you, hire a full service Certified Public Accountant, an expert who will review the internal controls of your business. Monarch is here to help with business tax and financial planning, so you can focus on what you do best – growing your business, hiring and retaining employees, and keeping your customers happy. With services provided in Rockville, Maryland, Northern Virginia, and the D.C. area, Monarch CPA can come alongside you and help your business thrive. Monarch not only offers financial consulting, but also offers financial coaching to teach professional bookkeeping skills you can apply on your own.
Through a relationship with Monarch CPA, you will learn how to plan financial strategies for a stronger business, develop meaningful and accurate financials, save on taxes and more.