While we are still a few months away from tax season, it’s never too early to get all your ducks in a row and stay ahead of the game. If a problem is lurking below the surface of your small business, it would be much better to catch it now rather than later. Here are a few observations to help get your company ready for the inevitable knock of the taxman.
One of the first steps to take is to study all of your books and records to ensure their accuracy. You want to make certain that the numbers you have in your books will correlate and support your upcoming tax filing.
Another essential aspect of your business and its tax health is to guarantee your employees have the paperwork they need. In order to get W-2 forms to your workers on time, it’s important to stay on top of your records and see if any catching up is required.
Deductions can mean a big part of your business and whether you can keep it trim and working efficiently. Some important considerations are to ensure that your charitable donations are completed before the end of the year, buy some needed office equipment, or pay some of your bills early, wherever possible. All of these steps will benefit you and your business when it comes to maximizing your tax deductions.
column by BAXTER TROUTMAN
BIO: Baxter Troutman is founder and chief executive officer of Labor Solutions, a staffing company with offices in Bartow, Winter Haven, Lake Wales, and Arcadia. A citrus grower who served in the Florida House of Representatives, Troutman understands the challenges and concerns of today’s farmer.