March has arrived in the Fraser Valley! And although the crazy drawn-out snow this winter may have kept you from attending work or other activities – one thing that it won’t work as an excuse for are taxes. Yes, April is just around the corner, and as a sole proprietor small business owner, you need to be prepared for your fiscal year to wrap up.
For sole proprietors nearing their year end, it’s best to get a jump start on tax season if you haven’t already – both mentally and physically. Here are some tips that will keep your head on straight, and your books in order:
Ensure that you are organized!
- The month leading up to the year end, as opposed to waiting until two days before – is the best time to get all your ducks in a row. When was the last time you tidied up that filing cabinet? Did you ever track down that missing invoice or receipt from a few weeks ago? Now is the time to refer to your notebook of “to-do’s” and get them done.
Book your appointment with your accountant early.
- Tax professionals get absolutely swamped during tax season. They’re busy, just like you! You hate it when your clients absolutely need something right before a deadline or just a busy time, so why wouldn’t they?
Hand over everything to your accountant.
- All of those things that we’ve just organized, need to be handed over, and all at once. Don’t let a certain few pieces of loose leaf paper get misplaced, and pass them over once tax season is over. Make sure everything important is hunted down and handed in. And, although this may seem like a given, anything that is marked as “Important Tax Information Enclosed” IS in fact important! Give it to your accountant!
Get help from a professional!
- This last one is perhaps one of the most crucial pieces of advice that you can accept. You’ve put blood, sweat, and tears into your business. You’ve been choosey about every aspect of building and establishing your brand… so why would you skimp out on the finances? Hire a professional. There are so many things that you can miss and make errors on when filing your own taxes. Don’t leave this one last little detail up to fate.
So, are you a sole proprietor with a new business, but still don’t have an accountant? Lucky for you, here at the Downtown Business Centre we have an incredibly hard working and passionate company in our building, Hilltop Accounting Ltd. Chad Eros with Hilltop Accounting has just recently moved into our building in the Downtown Chilliwack area, and is accepting new clients. Please contact him or check out his website for more details or to schedule an appointment.