Waiting until the last minute to take care of tax preparations can lead to problems for small business owners and their accountants. Here are steps owners can take to make sure their taxes are done properly and on time:
• Give your accountant time to prepare your taxes properly. Getting your tax information to your accountant early avoids a rush and gives your tax professional the time to recognize and include all deductions and benefits to which you might be entitled.
• Make an appointment early in the tax season with an accountant you know and trust. If you wait until the filing deadline approaches, your preferred tax professional might be booked.
• Be prepared for unforeseen circumstances. Waiting until the last minute doesn’t give you time to deal with issues, which could result in late fees due to missing tax deadlines.
Source: Freeman & St. Clair bankruptcy attorneys