Many small business owners are overpaying on State and Federal taxes because they're trying to handle their own bookkeeping which lead to mistakes.
Here are a few tips for making sure you're not overpaying or filing incorrectly on your tax returns.
1. Many small businesses overpay on state and federal taxes because they don't have their bookkeeping software set up correctly. Or, they're not entering expenses, sales, inventory, and/or payroll properly. Little mistakes and errors here and there really can add up and throw off the reports used when filing tax returns. To avoid costly errors, outsourcing the bookkeeping tasks for your business is one of the best things you can do. A professional bookkeeping service not only tracks every penny, but will provide accurate reports to your accountant.
2. Small businesses make many transactions over a year that often get overlooked if a professional bookkeeper is not keeping track of everything. If you forget to track your smaller purchases, overdue invoices, and record your milage properly, you're going to be overpaying on taxes. The Bean Counters Bookkeeping team keeps track of paperwork for you throughout the year. It's as easy as snapping pictures of your receipts or forwarding an email receipt. We'll make sure you're not overlooking important deductions.
3. Outsourcing your business's bookkeeping to a professional cuts down on stress. If you've put off handling your books until tax season, you're going to be playing catch up and feeling under pressure. If you're stressed, you're more likely to rush and make mistakes. You may be overlooking past errors in your books as well, which a professional bookkeeper can easily identify & fix before getting you caught up and prepared for tax time.
4. Finally, hiring a CPA to prepare your state and federal tax returns is another good idea to avoid overpaying on taxes. These individuals are specifically trained to be in the know of tax laws, changes, and idiosyncrasies most people aren't aware of. Having a second set of eyes on your books is a benefit as well because trained accountants and bookkeepers can provide advice on to better your business for the future.
If you're sick and tired of handling your own books, or need the assurance and confidence that your bookkeeping tasks are being handled correctly, we'd love to work with you. Give us a call for help! 912-376-9918