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Owings Mills, MD 21117

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3 Tips During Tax Season

One of the most important days of the year is within weeks: Tax Day. April 15 is the deadline to send in all tax returns to the IRS. If you’re a small business owner, you may be nervous about filing your business expenses correctly. Reduce your stress during tax season with these three tips:

Prepare, prepare, prepare—Don’t wait until April 14 to organize all your financial records and receipts. Throughout the year, plan to keep your receipts that are business expenses, organize them and document them. Your organization will decrease chaos during tax season.

Don’t do it yourself—Chances are you didn’t start a small business because you love accounting. Delegate tasks during tax season to accountants or reign in help from accounting software. If you try to do it all yourself, you’ll be disappointed.

Set up a retirement fund—All 401(k) or individual retirement account (IRA) contributions are tax deferrable. Utilize a retirement account to lessen the tax burden. But, be sure to talk with your accountant and go over legalities before doing so.