Minimizing Tax Season Anxiety with Three Simple Steps
Jan 03, 2024If you're a business owner dreading tax season, there are practical steps you can take to minimize the anxiety. In a recent "Keep What You Earn" podcast episode, Shannon shared three simple strategies to proactively prepare for tax season.
First, embrace proactive bookkeeping. By dedicating just an hour each month to your financial records, you can avoid the overwhelming task of catching up with a year's worth of transactions. Outsourcing bookkeeping is an option for those with complex needs.
Next, organize your tax-related documents. Establish clear physical and digital folders to store all relevant paperwork, ensuring everything is readily available when it's time to prepare your taxes.
Finally, choose your tax professional wisely. Look for someone who communicates effectively, understands your goals, and tailors their services to your specific needs. Consider using "Moneypro matchmaker," a free resource designed to help find accounting professionals aligned with your requirements.
By implementing these three steps, business owners can ease the stress of tax season and approach it with confidence, knowing their financial affairs are in order.
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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
