Are you ready for your tax return?

Are you ready for your tax return?

a close up of a typewriter with a tax return sign on it

Introduction

For small business owners, tax season can be a stressful and daunting time of year. It makes sense that you’d prefer not to think about it, but as a bookkeeper, every year, I see business owners feeling stressed as the season approaches because they know deep down that rushing things and leaving them to the last minute can lead to mistakes and penalties. That’s why it makes sense to prepare for tax season. This blog post will explore why preparing early is the best plan for tax season. We’ll offer tips on outsourcing your bookkeeping, why the deadline is not a target, and how it’s crucial to know your numbers to help motivate you to complete your tax return.

The deadline is a deadline, not a target.

Many small business owners falsely believe that the filing deadline of October 31st  is a “target” rather than a firm deadline. This could not be further from the truth. Revenue takes non-compliance very seriously, and failing to submit your tax return by the deadline could result in a fine. Get it done and off of the list as soon as you can. 

Outsource your bookkeeping so you don’t need to do it.

One of the best ways to get your tax return completed now is to outsource your bookkeeping. If you don’t have the time or expertise to handle this task in-house, think about getting the help of a professional bookkeeper or accountant. Outsourcing your bookkeeping can save you time and energy, help you stay organised and ensure your tax filings are completed accurately and on time.

Here’s the unexpected benefit

Many small businesses see the tax return as the ultimate goal, but at Graceful Accounting, we know that knowing your numbers is the most important reason to complete your tax return now rather than later. It gives you time to save for your tax bill, and it is vital to understanding your business. 

Your tax position reflects your business performance for a specific frame of time, and we expect you to want to know how you’re performing in as near to real-time as possible. Understanding your financial situation is vital in running a successful small business. By knowing your financial figures in-depth, you can make informed decisions for your business, plan for the future, and stay on top of your finances.

Conclusion

Getting your tax return done as early as possible is crucial. Of course, this avoids unnecessary added stress, mistakes and penalties, but it means you have feedback on how your business is doing. At Graceful Accounting, we encourage our clients to file their tax returns as early as possible, and we’d love to chat with you about how we can help you with yours. You can reach out to us by emailing hello@gracefulaccounting.ie. So why wait? Let’s get your tax return sorted now so you can move on to more exciting things. 

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