Last-Minute Tax Tips

Today’s the day! After putting them off for months, your taxes are finally due. For many small business owners, the i’s are already dotted and the t’s already crossed, but if you haven’t yet submitted your filings for the 2013 tax year, here are a few tips to help you navigate the last few hours.

Ensure your filing status and paperwork are in order
The first step is to make sure that you have all the paperwork you’re required to file. You don’t want to accidentally enter the wrong filing status, or submit your information via the wrong forms.

Proofread all your documents
When it comes to your taxes, the tiny details are just as important as the big ones. Go through all the documents you’re planning to file – and then go through them again. Keep a close eye on Social Security numbers, individual names, decimal points, and all other areas where mistakes could potentially occur. The smallest errors could lead to massive complications, so it’s worth your time.

Double-check all of your deductions
Take one last look through all of your expenses for the year – be them membership fees, travel expenses, or business equipment costs – and ensure that everything you can deduct is properly documented; there’s nothing worse than leaving money on the table.

Don’t miss the deadline, file your taxes!
It’s already April 15th, so you don’t have much time left! Run through these last-minute processes efficiently, and make sure your documents are filed and submitted before you leave the office. If you need the extension, take it, but remember that you can’t avoid filing altogether.

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