60% of American small businesses say the biggest burden they face from federal taxes is the time they take up. That’s right, the money is neither here nor there, but the fact that tax for a small business takes so long to actually complete ends up eating into a lot of valuable time.
And time, as they say, is money.
So what are some ways that a growing small business can claw back some of that valuable time doing that tax work? Well, you came to exactly the right place to find out.
Let’s get into it!
1. Find an Expert
You’re an expert in one main thing: running your small business. That doesn’t leave a lot of time to also become an expert in the federal tax code, unfortunately.
However, there are plenty of people out there that are experts in the tax code, and they’re the ones you need to be getting into contact with as soon as possible. A small mistake in your tax return can equal hours, even days of potential headaches down the line. Running everything by an expert on outsourcing and taxes is the perfect way to ensure that’s not a problem you ever have to deal with.
So make your taxes the problem of someone far better versed in them than you are! That’s what they’re there for, after all.
2. Bring in Third-Party Auditors
One of the hardest small business tips to learn is that the more employees you have, the more potential risk there is of negligent or malicious activity. It can be a hard pill to swallow for those looking into efficiency in a small business, but there are always some bad apples acting either neglectfully or nefariously.
So bring in some auditors to analyze your paper and money trails before you ever have to file taxes. It’s far better to catch these things (and handle them) early than it is to have the IRS find a black mark on your tax return.
3. Let Someone Show You the Ropes
You don’t have to just outsource everything and hope for the best, though. The great thing about hiring outside expertise is that they can give you some tips on how best to handle issues around tax for a small business in future. Think of it as a bit like hiring an external tutor. They’re there to do their job, but also to show you how to do yours as well as possible.
After all, expertise is learned!
Tax Work Doesn’t Have to Be Taxing
And that, folks, concludes our top three tips for small businesses looking to save time and money on their tax work. It doesn’t matter who you are or what industry you work in, tax season can be grueling.
But it doesn’t have to be. By following our tips, you can return to running your business as soon as possible.
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