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How to Start Preparing for the 2017 Tax Season Today

We know what you’re thinking.  You’re still finishing up your taxes from 2015.  Why would you possibly want to start thinking about next year’s taxes already?

Well, the answer is simple.

By getting an early start now and making sure you’re doing things properly, you can make your life a lot easier come January 2017.  We know it’s a busy time, and you have other things to focus on.  That’s why we’re providing steps that are pretty easy.

Start Tracking Expenses Better

If you’ve been in the small business game for 1+ years, you’ve probably developed some sort of system for tracking your expenses.  This year could be the year you do it better.  From tracking to sorting to filing and beyond, the more you have your expenses locked down with proof and details, the better everything will be for taxes.

We suggest trying out an expense tracking app on your phone or tablet to better centralize and track everything.  If you’re going to try out a new system of tracking things, it’s best to do it sooner rather than later.  For most small businesses, this isn’t a substitute for an actual accounting system.  Rather, it’s a way to track things on the go.

Plan Ahead for Big Changes

Planning on hiring someone new?  Buying an office?  Renting a new space?  Expanding into international territory?  Any significant change you make to your business will have some sort of effect on your taxes.  If you’re business will be heading into uncharted waters this year, consider how it will affect your taxes for 2017.

Set Money Aside

Unless you’re making little to no money, you’ll most likely be paying something back to the government next year.  Rather than taking a financial hit when the return season comes, start setting aside funds now based on the amount you owe this year.

Putting a little away each month should put you in a good spot for 2017.

Start Asking Questions Now

Rather than waiting to have someone tell you what’s going on a year from now, starting asking questions and working with an accountant now.  There are tax laws that change every year.  That, combined with your own business changes, will leave you with a quite a few things to figure out.  For small business accounting, Springfield, Ohio residents count on LWS Tax to keep them on the right path.

And you can too.

Posted by admin | in Accounting, Business Tax