Gearing up for Tax Season? Here are LiftFund's Top 5 to get ready!
As you gear up for tax season we wanted to share our top 5 tips. We know you have 'till spring, but the IRS has already started accepting tax returns!
1. Take time to gather all your business documents, including expenses and income/revenue now;
2. Make sure your tax form aligns with your business structure, i.e. a Schedule C for self-employed small business owners;
3. Make sure you know your accounting method -- Cash or Accrual basis for reporting purposes;
4. Study any deduction options including homestead, insurance, retirement, vehicle, and more;
5. Take time to visit with a trusted financial advisor -- whether that be your business confidant, your CPA, or your bookkeeper.
If you need to file an extension, it is important to make sure you complete the extension with the anticipated reporting numbers, if an extension is not filed it can be a challenge to access more capital.