The tax season is usually extremely challenging and stressful, however if your bookkeeping is not done properly, the problems can increase exponentially. In the end, when you need to frantically struggle to get all your receipts and expenses and to account for every business transaction done during the financial year could be quite difficult.
In case you feel, the books aren’t prepared for the tax season, the first step for any small business accounting system should be to file for an extension so that you can give yourself enough time and present business data properly. You would need to consider any increase in income estimates and pay the interest or penalties as owed by your organization when you finally pay your taxes.
Get all your fiscal records which includes income, business expenses, purchases, transactions, bank statements, cancelled checks and bills paid. Next, it is important to sort and categorize all the business transactions, so that your accountant can run calculations to figure out any deductions you may eligible for. Small business accounting is committed to prepare documented and accurate tax reports.
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