Have you submitted your taxes yet?
The April 18 deadline to file is quickly approaching and at QuickBooks, we aim to make this process a little less taxing. To help you out, we recently crowdsourced insights from passionate freelancers, small business owners, and entrepreneurs from around the web. From the responses we received, we quickly identified common tips, tools, and resources in order to create an easily digestible, shareable graphic for all those going through the process either now or in the future.
The entrepreneurial spirit is stronger than ever. With a growing population of the American workforce becoming freelancers or small business owners, one must familiarize themselves with the proper documentation needed and respective deadlines in order to comply with the IRS. Preparing for tax day isn’t like cramming last minute for that college exam. In order to make sure it’s done right, Debbie Dey from Debbie Dey Writes suggests, “Keeping track of your income and expenses throughout the year is critical if you’re going to avoid the last-minute rush to file on time.”
Organization is another popular theme when it comes to filing taxes. Lauren Hunt from LP Creative Co explains, “Get organized and stay organized. Set up a filing system and keep all of your paperwork in one place.” Staying organized throughout the year can save you time, allowing you to focus on what matters most — growing your business.
To make your life easier, investing in accounting software tools was highly recommend, as they can keep your financial records organized and help you reach your business goals. For example, April McBriarty-Weismann from HPM Insurance writes, “For tools to help track your business expenses so you can run your business as well as assist in filing your taxes, check out products offered by Intuit’s QuickBooks.”
Another key tip highlighted is the importance of hiring a QuickBooks certified CPA or tax professional in your area. Make sure they specialize in working with freelancers or small business owners since documentation required differs greatly from other professions and even from state-to-state. In addition, a professional will easily be able to guide you and tell you what is appropriate when it comes to deducting business-related expenses. Barbara Friedberg from Barbara Friedberg Personal Finance said it’s best to, “Familiarize yourself with legal business tax deductions” in order to maximize your tax write-offs.”
What are some of your favorite tax tips to help everyone get a jump start on the next fiscal year?