Health is wealth, but as tax season approaches, good health is hardly met. And you know what’s the reason? Stress. Unmanaged stress by your employees might lead to burnouts, lack of sleep, overall unproductivity and etc. Thus, stress is a vicious cycle and might lead problems to business owners especially as taxes seem to get more complicated each year. If you’re already worried about how much work you will do when you start tackling your taxes, the four steps below will help you minimize the stress you’ll about to feel:
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Start Early
Having a deadline looming your head makes the work more stressful. The Tax Day this 2019 will fall on Monday, thus you have the weekends as a preparation day. By starting early on your tax preparation, the less stress you’ll be and the more advantage you’ll have. Start off by making your tax schedule, and the list of documents you’ll need. That way, you’ll have a clear direction as you get started.
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Go One Step At A Time
Being organized will help you throughout the tax season. Keep track and pull together the documentation you’ll need, such as mortgage and tax statements, receipts, W-2s and other deduction backup paperwork. These paper works may be intimidating, but you’ll get through. Know what should be done first by checking your schedule. Do it one step at a time. With each step being done, you’re one step away from burying yourself with stress.
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Don’t Do It Alone
If you have a bookkeeper, good; and if you know how to do it, the better; if not, hire an independent professional, like an Enrolled Agent. The important thing is to ask for help if needed. Get yourself a trustworthy professional in time and not wait until the last minute. By hiring an Enrolled Agent, you’ll have to provide the documents needed such as W-2s for employees and/or 1099s to contractors. Hiring an Enrolled Agent can give you the peace of mind you need to get through tax season without stress.
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Stay Educated
Yearly changes to the tax code may affect your tax situation. Educate yourself about these changes by doing research on the IRS website. By staying aware, you could take advantage of them by implementing some steps and can avoid penalties for following new rules. If you still have questions unanswered, you can bring it up to your Enrolled Agent for clarifications.
With the Tax Day approaching, you can manage, reduce or better, avoid stress by taking these few key steps. As what others commonly say, you reap what you sow, and maybe you’ll reap more. So, take a seat, breathe and start.
If you want to learn more to minimize the stress of this tax season, contact us today at admin@fas-accountingsolutions.com or 832-437-0385.
