If your small business tends to be relatively busy during the fall months, tax preparation is likely the last thing that you are thinking about. However,  the change of the seasons, it means that the holidays and end of the year is not far off. Fall serves as the perfect time of year to take the time to assess your tax situation and prepare for tax season. Here are a few things you can take care of now so that you aren't so stressed come the beginning of next year.

Create a Checklist

When it comes to your company's taxes, the smallest of details can result in a significant loss of time and money. To ensure that you are ready for tax season, draft a checklist of tasks that you need to do. These tasks may include sending 1099 forms to your independent contractors, filing payroll forms, or assembling expense records. You may even want to add to review your commercial insurance coverage, which should be done annually to ensure that your policy is still properly meeting your needs.

Get Yourself Organized

It doesn't matter whether you are starting your tax prep in September or November, tax season will creep up on you very quickly. By organizing yourself, you will avoid a lot of scrambling and stress at the last minute. So, take this time to file any documents and get them in one place, update your records, organize your receipts, etc. Set yourself a reminder or two for the due date of your taxes, including quarterly tax payments, corporate taxes, and personal taxes.

Familiarize Yourself with Your Deductions

For small business owners, there are several tax write-offs that can potentially be taken. Some of these can include startup costs, home office expenses, office suppliers, office equipment, inventory, computer software/subscriptions, mileage, business travel and meals, and even applicable insurance premiums. If you are unsure what deductions are eligible, speak to a tax professional or do your research with the IRS. Make sure that you are researching the most current tax law information, as this information is changing constantly.

Spend Some Money

If you are looking to maximize your deductions, don't hesitate at all to spend a little bit of money in order to do so if you can afford it. Some expenses can be pre-paid so that they can be deducted from your business income. For instance, you can stock up on some office supplies, make advance payments to your vendors, and/or give your employees their end-of-the-year bonuses early. If you have any equipment that needs to be upgraded, replaced, or purchased, now is a good time to do so.

When it comes time to prepare your taxes or if you have questions as to how purchases may impact your taxes, contact a tax preparation service in your area. 

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