Norman kicks off the webinar by asking you to think back to your days as a student. “If you walk into an exam, and you haven’t done your homework…that’s going to cause you some anxiety,” she said. And the same goes for your taxes. If you walk into tax season without having done the prep work, you’re going to feel pretty unprepared. Which brings us to tip number one.
1. Be prepared.
Easier said than done, right? Obviously preparing for tax season takes real time and effort—you wouldn’t be here if it was easy—but partnering with a bookkeeper can help.
Preparing for tax season means working with a bookkeeper to get your business accounts in order well before tax time. This means balancing and reconciling your books throughout the year, identifying all income sources, and organizing deliverables.
Download the free eBook for handy tips to help you keep your books current throughout the year, plus get your hands on the ultimate tax season preparation checklist.
If preparing for tax season feels a little overwhelming, it’s because it is. After all, you got into business to follow your dreams, not to practice your bookkeeping skills. When it comes to getting ready for tax season, it’s always a good idea to invest in some help.
2. Delegate to your bookkeeper.
Your bookkeeper is your partner in tax preparation. While it’s ultimately up to you to file your return and keep detailed records for your business, your bookkeeper can more or less take it from there. It’s their job to organize and manage your books so you have more time to do what you do best: run your business.
But your bookkeeper can only do their job if you do yours. That means keeping accurate records, being open and honest with your bookkeeper, and communicating consistently.
Download the tax season preparation guide to get the bookkeeper engagement timeline, so you always know when to check in with your bookkeeper and stay on track while they handle your books.
If you’re new to business and don’t yet have a bookkeeper, QuickBooks Live is a good place to start. QuickBooks Live allows you to virtually partner with a QuickBooks-certified bookkeeper who can help you manage your books and get tax ready. Connect one-on-one via video call or live chat.
3. Embrace collaboration.
Don’t make the mistake of thinking you can hand everything to your bookkeeper and wash your hands of it. Bookkeepers can do a lot of things, but at the end of the day it’s your business…and the buck stops with you. When it comes to preparing for tax season, collaboration is key.
You can help your bookkeeper by accurately recording every business transaction, separating your business and personal expenses, and keeping track of important filing deadlines.
Download the guide to get a checklist of important filing deadlines. Remember, your bookkeeper is here to help, but it’s up to you, the business owner, to file your taxes correctly and on time.
The secret to a less stressful tax season
These tips all have one obvious trait in common: a bookkeeper. Putting your trust in a qualified bookkeeper can help you achieve peace of mind this tax season and beyond. In the event of an IRS audit, having accurate bookkeeping records can save the day. And working with a professional bookkeeper minimizes the room for errors in your financial data.
With a bookkeeper by your side, and our step-by-step preparation guide in your back pocket, tax season won’t seem so taxing.
