AccountingNews

Tax Season is Here

By March 10, 2021 No Comments

Are you ready for tax season?

Our Teesnap Accounting Expert is here to offer some guidance while you navigate through tax season.

Preparing for tax season is always easiest if your books are up to date and accurate throughout the year. If you’re someone who puts off reconciliation, make it a point to set aside time monthly to do this task.

When you make new equipment purchases, keep a spreadsheet with their costs, terms and monthly payments. Make sure your superintendent is keeping track of all of your equipment and the number of hours on each piece. This document will help you with your taxes as well as insurance.

Make sure you trust your accountant. While golf is seeing an unprecedented time in growth, it’s important that you hire someone you trust.

If you’re stuck, you can request a free accounting consultation.

Tax Preparation Tips

Take a look at these tips to help you prepare and position your business for a successful tax season. 

  1. Clean up. Make sure your records are in good shape. Your transactions should be categorized and documented correctly. Be sure to reach out to an accounting professional for any transactions that you aren’t sure how to categorize.
  2. Take a closer look at accounts receivable. Any receivables that might be uncollectible may be worth writing off since it could reduce your income and therefore your tax liability
  3. Review your equipment purchases. Make sure you let your accountant know what equipment you’ve purchased within the last year as you might be able to reduce your tax liability even more due to depreciation.
  4. Ask a lot of questions. Gaining a better understanding of taxes and how they relate to your business can help you run your day to day operations with a tax-minded approach and ultimately help you save money come tax time.
  5. Start early. Oftentimes accountants will ask for documents or information that you may not have readily available and tracking it down could take time. Getting a jump start on your taxes gives you more time to gather necessary information and allows your accountant to adequately evaluate your books instead of rushing near the deadline.
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