Why You Should Start Your Tax Prep Early

April 15 is etched into our minds as the day taxes are due to the IRS, but waiting until the official deadline to file isn’t a good idea. Even if you end up procrastinating, qualified professionals can help you file in time, but you’re creating unneeded stress for yourself and your business.

Be in the Know

If you’re a first-time business owner who hasn’t filed while owning a business, you may be nervous about the process ahead. Whether you have a corporation, sole proprietorship or LLC, there will be tax forms you likely aren’t familiar with. You’ll also want to be aware of tax-deductible business expenses –– are there purchases you’ve made this year that could be deducted when you file?

Time is Ticking

Now that you know just how much work is ahead, it’s time to discuss when you should start preparation. You can file as early as January, although the IRS doesn’t reward you for filing ahead of time. It’s a decision many people make for peace of mind and to be done with thinking about taxes.

Carve Out Some Time In Your Schedule

We’re in the midst of the incredibly busy holiday season, but the smartest move to make right now is making an appointment with a tax expert who can help you figure out what steps you need to take to prepare for filing. You want to make sure you maximize deductions and avoid any costly mistakes that could get you in trouble with the IRS.

The best advice we can give you other than starting early is hiring a professional firm with an accounting division. The team at F&S Projects has seen what happens when business owners overwhelm themselves and bite off more than they can chew with filing. You’re an entrepreneur with a busy schedule, so why not leave the paperwork to the experts?

Call In the Experts

F&S Projects is a full-service professional firm that offers everything from business valuation to payroll corporate tax services. We’re here to help you figure out your taxes ahead of Tax Day so you can spend your time focusing on your true passion.