|
It's time to thinking about next year's tax season! This year's tax season is over. So now it's time to start thinking about next year! It's the last thing you want to do right now, but we guarantee that if you start planning right now, you'll make sure you avoid any headaches you had to deal with this year. These Utah CPA's have got some great tips for you to start your tax planning now, so that you're ready when April 15 rolls around. Keep Good Records. The most important part of your business is the accounting department. They're the ones who keep the meticulous paperwork you need to always stay on top of your company. Your accounting department must file all financial statements, receipts, tax-related documents and records and keep them carefully organized and available. Make sure you keep all this information in your system up to date throughout the year, whether you use your own in-house accounting software, or outsource to a professional company. Know Your Deductions. As the tax code evolves, so do the tax credits and deductions you're entitled to. Keep an eye on IRS notices to ensure that you're always on top of current tax code. A professional accounting firm can also help guide you when it comes to tax code and any changes in the paperwork and receipts you need to keep to make sure you claim all the deductions you're entitled to. Avoid Audit Triggers. Always stay alert for potential red flags, in order to avoid an audit. Be sure to always classify your employees correctly. Even inadvertent misclassification might be considered an attempt on your part to avoid payroll taxes, which means you can be hit with penalties and back taxes. And if you run your business from a commercial location but also have a home office, remember that claiming the deduction can trigger a red flag from the IRS. Consider consulting a professional accounting consulting firm to make sure you're eligible for that deduction and what expenses can be written off. And don't get sloppy when it comes to keeping a separation between business and personal expenses. If you don't already, consider setting up separate business bank and credit card accounts. Most importantly, remember that your CPA's don’t pack up their calculators the day after the tax filing deadline. They're available year-round should you have questions about your prior returns, your ongoing business, or your future plans. A professional accounting firm help you keep smart, clear, thorough records, stay on top of tax deductions you can claim, and streamline your bookkeeping and tax processes. With the right CPA in Utah at your back, you're always ready for tax season.
Related Articles -
accounting consulting firm, Utah CPA, CPA in Utah,
| 
