Tax Season Is Over
Tax season has passed and that probably feels good for a lot of people. If you want to make the next tax season less of a mess, you shouldn’t relax just yet. Stapley Advising and Accounting Services tells us that you can get ahead now and have the bulk of your work done early. Here’s what they recommend.
The Post Tax Season To-Do List
1. Prepare For The Extension Deadline
Sometimes we don’t get everything quite done on time. For that, we can get extensions on our tax deadlines, but it’s easy to fall into a trap. If you did get an extension, you should be doing everything you can to get the paperwork together right now. Don’t wait until that extension deadline comes up, or you’ll just be in the same boat as before: rushing to get things done under stress. We tend to make more mistakes when we’re under stress, so save yourself the hassle and finish your prep now.
2. Prepare Next Year’s Financial Goals
With your taxes done, it’s time to look to the future. Preparing a financial plan for the year with your financial advisor can go a long way towards success. Do you intend to take out any loans this year? A financial advisor can help you work out the best plan for it. If you’ve got the spare cash to make some investments, a financial advisor can help you make the smartest moves. Planning ahead will help you make good choices so you can put away money for the future without putting yourself in financial distress in the meantime.
3. Prepare A Schedule For Next Tax Season
Getting ahead is the best way to avoid stress. While you can’t prepare all of your taxes completely ahead of time, you can get a schedule for it. Plan on gathering each quarter’s tax documents and organizing them. That way, when next tax season rolls around, you’ll have most of it done already.
4. Set Up Schedules With Your Accountant
Financial planning works best when you keep your bookkeeper or accountant in the loop. Since you’re working out a plan for the year, it would be a good time to set up a schedule with your accountant. Determine how much they’ll need and arrange meetings with them so you can provide them with everything they need. The schedule will help you keep on top of things by giving you smaller deadlines before the big one.
5. Work Out Business Advisory Strategies
When it comes to running a business, planning is everything. If you’ve got schedules and goals planned, it’s best to have some strategies to help you meet them. A good accountant can provide you with plenty of good advice for how to achieve your business goals for the year. They can identify the liabilities you can cut and grow key value areas, giving your company more focus on what is most successful. This will lead to better growth over the year.
Planning Will Help Make Next Tax Season Easier
The worst thing you can do is wait until the last minute. If there’s one thing Stapley Accounting makes clear, it’s that planning ahead is the key to avoiding trouble. If you’re ready ahead of time and have a schedule for when certain things should be done, you’ll have less trouble when next tax season rolls around. If you get on top of things now, you won’t need to stress about it later. For best results, an accountant will make a huge difference in how effective your plans are. Now that you’re clear of last year’s tax season, it would be a good idea to schedule some appointments to help get ahead for the next.
