Money is without a doubt one of our greatest stressors. So, perhaps it’s no surprise that a time of year that focuses solely on our earnings and expenditures and requires us to answer to Uncle Sam can be a bit overwhelming. Small business owners have the added pressure of prepping their business’s taxes and making sure that all the necessary information is in place so that their employees can prepare their personal taxes. If it’s all starting to feel like too much, here are a few tips to help lighten the load:
Whether it’s asking an employee to reorganize a troublesome filing system, using W2 software to prep those documents for employees, or calling a trusted CPA to prepare your return, when it comes to taxes it is always ok to ask for help. Just because your taxes have to be done each year, doesn’t make it an easy process. There are many papers to gather and numbers to crunch, and being the top dog of your business doesn’t mean you have to do it all yourself. There’s never a bad time to bring in back up.
Don’t Try To Cheat The System
It might be tempting to fiddle with your business’s numbers a bit in order to get the most ideal tax refund possible. Don’t. You may not be found out this year, but chances are the IRS will eventually come knocking, and if you think regular tax prep is stressful, just wait until you’re under audit. That said, if your number fibbing is simply the result of poorly kept records, implement financial systems now so that you’ll be ready for next year. There are lots of helpful apps available-- such as mileage and expense trackers-- that can help keep you organized.
Throw A Tax Day Party
This year Tax Day falls on Tuesday, April 18. Circle it on the office calendar as a helpful reminder to your employees, but also to let them know you’ll be having a little office celebration. If you’re getting a refund, use some of the money to provide doughnuts and coffee for them or cater lunch. Knowing Tax Day will bring some delicious treats with it will make it a little easier for everyone to stomach!
There’s Always Yoga
If yoga can help the nation’s weary tax preparers during tax season, then it can definitely help you. Make time for a yoga practice designed to reduce stress. Just a few minutes a day can get your blood pumping and bring on endorphins that will get you feeling less stressed and more positive. If yoga isn’t your thing, that’s ok. Any form of exercise will help. Take a swim. Play some basketball with a group of friends. Go for a jog. The break from your tax prep and the workout will help you be more focused once you return to the task at hand.
It won’t be long now before tax season is over. Hang in there, work with your accountant to get all the necessary legal documents and figures in order, and soon you’ll be breathing a sigh relief as you drop your return in the mail box.
Author Julie Morris is a professional life and career coach after a career in finance. She is passionate about helping business professionals find inspiration and clarity.
I hope you enjoyed this article about tips for small business owners preparing for tax season.
Interested in more articles about frugal finances?
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