How To Plan For Tax Time For Next Year

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We are here my fellow entrepreneurs. It is tax time and if you owe this year I am sure you are wearing a sad face.

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BUT it is never too late to plan for next year. Here is a short list to help you get started:

  1. Get Your A team together - This includes a CPA, a bookkeeper and a financial advisor

  2. Create a System to keep up with your receipts - I like Google Drive, Dropbox and Expensify

  3. Keep your books up to date - This goes back to #1

  4. Set Up a SEP IRA - This is a retirement account for self-employed entrepreneurs

  5. Make sure you have the right business structure - This also goes back to #1:)

  6. Plan Write Offs - If you want to make a major purchase you should work with your CPA beforehand to make sure you can write it off

  7. Pay Your Estimated Tax Payments - This is on a quarterly basis to ensure you don’t get hit with a big tax bill.

A little planning goes a long way. Although you might owe this year if you take the time to plan ahead you can beat the tax man next year and truly create more Peace in your business.

Keep it Sunny!