Whether you’re an individual or a business, the first step to staying on top of your taxes is tracking your income. It can be easy to get lost if you let months pass by without recording your income, so be sure to do it right after receiving your paycheck. If you have multiple jobs or sources of revenue, you might want to keep track of those too.
Keep all spending receipts, especially if you run a business. You may be able to claim them as part of your business expenses, which can help significantly with your tax deductions.
Lastly, you might want to consider outsourcing to accounting professionals. They’ll help you stay on track with current tax laws, make sure you aren’t over/underpaying and offer you invaluable advice to save the most money on taxes. Goldsmith & Co might be able to help you if you’re looking for chartered accountants in North London.
April is always the worst time of the year for small business owners. However, whenever my friends complain to me about being behind on filing their tax, I can’t help but feel it’s kind of their own fault. You’re doing the right thing by trying to stay on top of them as it will help you out in the long run! Here are my biggest tips for staying on top of your taxes
- Have an organized filing system in place
Don’t leave those tax-deductible receipts scattered around all over the place. Make sure you’ve set aside a dedicated spot just for them. That might be a computer folder (if so, back it up), a drawer, a safe, or anywhere similar.
- Start as early as possible
As soon as you can file taxes, do it. Don’t wait until April and then do a mad scramble. If you feel like delaying and avoiding the problem, it will only get worse. It’s like ripping off a bandaid, quick and painless, as long as you do it early.
- Get a professional to help
If you really don’t have the time or the organizational skills to stay on top of your taxes, don’t try to! Hire a CPA and let them do it for you. Personally, I’m far too lazy and disorganized to handle my business accounting, so I always pay one of the CPA firms in Tulsa OK like Brown, Chism & Thompson PLLC to do it for me.