Does the thought of preparing a tax return for your small business make you cringe? Does inspiration fail you while you wait until the last minute? This small business guide to tax deductions can help prevent procrastination until the last minute.

Clear the Calendar: One of the most common reasons people procrastinate is because of lack of time. Examine your schedule and select one day that will be dedicated to filing your taxes. If this requires closing the business or using additional employees on that day.

Hire a Bookkeeper: If you are overwhelmed at the thought of the work involved in filing your taxes, you may need to hire a bookkeeper. He or she can assist you to organize business concerns, so that April taxes aren't such a daunting thought.

Take a Trip to the Spa: An overlooked way to increase productivity is to reward yourself when you accomplish a tough task. Rewards to consider might include a day at the spa, a massage, a family outing, or any other reasonable thing that will help motivate you.

Buy a Tax Software Program: This investment automatically performs many of the routine computations needed to complete a tax return. There are many software programs available, and most contain all the forms necessary to streamline tax preparation.

Track down a good Accounting Professional: When your business starts to grow, there will be an increase in your income and you will have to face many complications. An accounting professional will be able to help you in overcoming annoying experiences and expensive mistakes. Another advantage of hiring such a specialist is that he can help you with other issues, like providing strategies for managing your cash and giving other practical business and tax tips.

Pay Yourself First: How valuable are YOU to the company? To determine your hourly pay, add your profits for the fiscal year and divide by hours you worked. Next, calculate your tax refund divided by the hours required to complete the return. If your hourly pay matches or is greater than this amount, then you should have plenty of motivation to begin tax return preparations.

Ask for an extension: Most heads of small firms don't have any spare time. However, putting off filing can bog you down in guilt, so that you don't really derive much benefit from putting potential filing time into other company business. Consider asking the IRS for an extension.

Take a Tax Preparation Class: One of the main reasons people delay is because they are uncertain about the requirements. A one-day course in tax preparation for small businesses will help you feel less inhibited and more confident. The IRS itself and various partner organizations offer free online workshops to fit this need. Topics covered include revenue, expenses, filing electronically, employment taxes, keeping records, and various other topics of interest.

Time for a CFO?: Possibly, the business requires someone with more expertise than an accountant to advise you concerning financial matters. When does it become apparent that a Chief Financial Advisor is necessary? This may become apparent when the management team is regularly involved with making financial decisions. If you desire to offer your company's stock publicly, or if you are considering raising an extensive amount of capital, a part-time or full-time CFO may be necessary.

Slow at First: Think in terms of baby steps. Think back to the start-up of the company. If you had known every task necessary to begin the business, you probably wouldn't have considered starting it. So, think small steps. Start with an easy task like organizing files and then go on in small steps.

People never have fun when they have to sit down to file taxes. When you put this tax off, however, you end up with more stress than you would have completing your tax return. Get rid of all of that extra stress. Don't procrastinate any longer. Get rid of all the stress before April so that you can relax.

Ron Finkelstein is NOT a Tax Attorney or an accountant. He is merely a small business owner who has paid a lot of money over the years to learn a whole lot about The Most Overlooked Tax Deductions,
how to select a tax lawyer, and How to save a bundle when filing business taxes.

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