Another tax season has come and gone, and around the country small businesses and freelancers are breathing a sigh of relief. Whether you found out you were going to be receiving a tax refund or learned that you actually had to pay money back to the government, the stress of filing and not knowing the financial outcome for your company is finally over. A number of businesses, especially smaller businesses and startups with a lot to focus on, will now take some time to relax and put off worrying about their taxes until 2019. At Flow, we’re here to tell you why you should be accounting for your taxes all year long, and how we can help.
After going through the process of filing your taxes and figuring out the financial position of your company in the early months of the year, the desire to put off any tax-related tasks until the 2019 is completely understandable. New businesses and startups have to worry about their day-to-day business practices, and accounting and tax responsibilities can get in the way of keeping their new business afloat.
However, without accounting for your taxes throughout the year, tax season will come again in January and the stress cycle all over again. Paying attention to your tax information and understanding your financial statement is crucial for new and small businesses. While it may seem like an extra step in your everyday business practices, ensuring you know exactly how much tax you are going to be required to pay in the upcoming tax year will allow you to plan for your fiscal year correctly. Keeping an eye on your taxes can also alleviate the need to pay a large tax return at the end of the season, preventing you from paying the quarterly installments that many small businesses are required to pay once they owe a certain amount of money to the government.
Make Your Tax Resolutions In The New Year.
Here at Flow, we look at May 1st as our New Year. The beginning of a new tax season is full of promises and resolutions to create a more stress-free tax season come January. Our technologies allow users to completely understand their tax requirements, so they can be prepared and in the know. Our hands-on approach allows us to connect with each individual customer, whether that be a startup, a freelancer, or a small business, and determine exactly what their individual accounting needs are. As experts in the field, we can recommend the perfect technology for your business to be able to understand important accounting and tax information, so you can concentrate on growing your business.
Don’t be caught off guard in January. Develop healthy habits in the new tax year to set you up for a more successful 2019. Set up a consultation with us to learn how we can help you find the perfect apps to help you streamline your accounting process today.