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So you own a small business and you’re not a tax expert. That’s okay. Your focus is on your business, not on tax rules and regulations. As a result, tax time can be a time of panic and stress as you scramble to get receipts together in order to meet deadlines and avoid penalties. There are other opportunity costs associated with doing taxes yourself, likely a combination of increased expense for the last minute help of a professional tax expert, forfeiting deductions, additional stress, and most importantly, taking time away from your business.
The key to minimizing tax woes is to treat taxes like any other business practice: as an ongoing process that needs attention throughout the year in order to be successful. When you begin to think this way, preparing for tax time on a continual basis will allow you to focus on what you’re passionate about: growing your business.
As a former small business owner, I know first-hand how difficult tax preparation can be. What ultimately helped me make tax season more manageable was using technology to help automate my processes and finances, and working with a professional. With that in mind, I’ve listed out eight tips that will help you prepare for tax season all year long.
Working with an accountant and using tools that make the process easier will not only help you handle tax time, but give your small business a competitive edge, and get you back to doing what you love.
Marc Scheipe serves as chief financial officer for Sage North America and was most recently with Ally Financial, Inc. (formerly GMAC) as its chief financial officer of global business functions. Before joining Ally, Marc was the CEO and president of FrontStream Payments, Inc. Marc also spent several years at Bank of America in various sales and operations leadership roles including card services, small business and bank/partner sales. Marc started his career in the United States Navy as an FA-18 strike/fighter pilot. While in the Navy, he attained the rank of lieutenant commander and held various roles in operations, training and maintenance. He is a distinguished graduate of the U.S. Naval Academy and earned his MBA from Harvard Business School. In addition, Marc is a certified Six Sigma Black Belt and a TOPGUN graduate.
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