Small BusinessOperationsAccounting

4 ways small business owners can help take the pain out of 2022 taxes

Tax season. Every small business owner seems to wince, cringe, or flinch at those two words. Some even do all three. But, tax season doesn't have to be painful.

Just imagine all those deductions you can get back for your business. Plus, with a few tips to streamline your taxes, you may even start to look forward to them. (Okay, that may be a stretch.)

  1. Be best friends with your accountant year-round

    Your accountant is actually your business advisor. You don’t have a full-time finance person. You don’t have a CFO. So, they’re the ones advising you about your business financials and the growth of the company. If you’re not already talking to them on a weekly basis, talk to them at least once a month.

  2. Streamline your financial data

    The best way to save money for taxes is by hooking up other business applications so you can get that data flowing into a cloud based accounting tool such as Xero. Then, work with your accountant or advisor throughout the entire year to help minimize your taxes, making sure that you have the right deductions all year long. So, by the time you get to the end of the year to file your taxes, it’s painless. It’s seamless.

  3. Learn (some) accounting

    You don’t need to be a CPA, but any accounting knowledge you gain now can only benefit you. Ask your accountant questions, learn the ins and outs of your financial statements, and go through your tax forms.

  4. Give yourself plenty of time in advance to organize

    Know your filing due dates, and work backwards. Allow time to gather all your documents, especially the paper receipts. Hiring a bookkeeper can also help you organize documents easier, and save you time.

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