Business owners are running a great risk if, come April 15, they come to find out they haven't paid enough attention to their bookkeeping practices, says SME Insider.
Three important facets of tax preparation should be at the forefront of all business owners' minds this tax season, SME Insider writes, which are:
1. Getting self-educated
"Before assuming that you know all there is to know about accounting, take a class or read a textbook to remind and educate yourself about how your business should do its accounting."
2. Actively tracking expenses and income monthly
"Skipping a month will leave you with twice as much work the following month, and this can complicate your accounting even more, as you will often have difficulty reconciling transactions and getting your totals to balance."
3. Knowing your tax codes
"In order to help your business save some extra money after April 15 has come and gone, work to keep yourself updated and aware of any tax code changes that might require extra preparation or serve to benefit your business."
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