A stress free tax season? Sounds too good to be true. And to be fair, there’s a lot that can factor into whether doing your taxes this year is a total headache or just a bit of a chore. We have a few tips that will reduce the stress as much as possible so your taxes are done quickly, accurately, and with the best results.

Apply for Government Funding

Tax assistance programs and business relief funds are still available for small business owners. Here at Pioneer Accounting we specialize in assisting business owners in applying for the ERTC. Ask your accountant during this year’s tax season what they can do for you in regards to government funding.

Check if You’re Eligible to Deduct Business Losses

This is best left to the advice of your CPA or accountant. But it can be hugely helpful in paying taxes.

“A bad year for your business may result in a loss, but you may be able to get some benefit from your business loss by using it to offset your personal income from other sources. The amount of the loss you can take may be limited by several factors, including your risk in the business and the amount of the loss.”
- https://www.thebalancemoney.com/business-losses-to-offset-income-397687

Review Your Employer Obligations

Don’t let payroll mistakes slip through the cracks. Work with your accountant to make sure your employer obligations are being fulfilled. Catching any errors in this tax season will better prepare you for 2023. There have been many changes to minimum wage, salaries, and overtime across the country. Making sure you stay ahead of these changes will help minimize stress down the road.

Create a Tax Plan

If you don’t already have a tax plan, now is the perfect time. Make sure you’re organized and have important tax deadlines noted in your calendar. Have a routine for sending 1099’s and asking for W-9’s from your contractors. Plan your expenses out, especially large expenses that you are hoping will reduce your taxable income. Don’t save them for December 30th with a large impulse buy that may not be considered reasonable or business-related to the IRS.

Your accountant is they key to a stress-free tax season. The right accounting group can help you with all the steps above, plus tailored advice and planning that suits your unique needs. Contact Pioneer Accounting Group today and we can discuss how to simplify your taxes this year.