Five Steps for Small Business Owners to Survive Tax Season
Released on: March 6, 2008, 10:00 am
Press Release Author: Behind the Scenes LLC
Industry: Small Business
Press Release Summary: Professional Bookkeeper and Certified QuickBooks Pro Advisor shares secrets to avoid your IRS anxiety
Press Release Body: Five Steps for Small Business Owners to Survive Tax Season
Professional Bookkeeper and Certified QuickBooks Pro Advisor shares secrets to avoid your IRS anxiety
Norwood, MA - March 6, 2008 - With more than 64% of small business owners filing their own taxes, a lot of anxiety surrounds small business owners as they begin tax preparation. According to one Professional Bookkeeper, planning is the key to reducing stress - even if one has waited to the last minute.
\"These are often the times that stress small business owners and entrepreneurs the most. Business is down, money is tight, and the taxes need to be done,\" says Jessica Reagan Salzman, founder of Behind the Scenes LLC (www.behindthescenesLLC.com), a virtual bookkeeping firm. \"Stress is basically a result of feeling out of control. By sitting down and making a plan - even if you are behind, you can reduce the anxiety involved in getting your taxes done.\"
Salzman is a Professional Bookkeeper and Certified QuickBooks ProAdvisor. She is a member of the American Institute of Professional Bookkeepers (AIPB) and the National Society of Accountants (NSA), and a recipient of the E-Myth Embark E-Learning Scholarship.
She shares five secrets to reduce IRS anxiety, maximize 2007 tax benefits, and turn problems into profits:
*Gather all necessary documentation long before you sit down to prepare your taxes. Much of the stress associated with preparing taxes has to do with locating and collecting the proper documentation. Take the time to find all tax-related material needed.
*Separate business and personal funds. Many small business owners make the mistake of mingling business funds and legitimate business expenses with personal finances. \"It\'s good business practice to open a separate checking account for managing business finances. It\'s also a great idea to take it one step further and also maintain a credit card account that is used solely for business purchases,\" says Salzman. \"It\'s much easier to keep track of business expenses when there aren\'t personal purchases thrown into the mix that later need to be weeded out.\"
*Check for inventory write-offs. Look through inventory to see if any products are damaged or outdated. Noting market-value loss could provide additional tax deductions.
*Contribute to a retirement plan. \"Small business owners and entrepreneurs should recognize that being your own boss means you are responsible for your own retirement,\" she says. \"If you haven\'t started contributing to a retirement account, now is the time. Most contributions made are tax deductible.\"
*Above all, don\'t procrastinate, seek professional help. Don\'t wait until April to enlist the help of a tax professional. Chances are they\'ll be hard-pressed to fit you in that late in the game. \"Tax laws can be confusing and deductions difficult for the layperson to recognize. Consult with a professional early in the year and come equipped with well-organized documentation. You\'ll be ready for a stress-free tax season,\" says Salzman.
For more information, visit www.behindthescenesLLC.com
About Behind the Scenes LLC (www.behindthescenesLLC.com):
Behind the Scenes LLC was founded by Jessica Reagan Salzman to help small business owners to increase profits, reduce taxes, and improve cash flow. Founded in 2006, the company maximizes small businesses\' resources by offering a customized approach to professional bookkeeping, accounting, payroll and tax-related services to small businesses and solopreneurs.
Behind the Scenes LLC provides what they call the \"bookkeeping with benefits\" model, which helps clients understand their monthly financial statements, and empowers them to make more effective and more profitable business decisions.
This exclusive model also provides clients with peace of mind that while they concentrate on revenue-producing goals, Behind the Scenes is taking care of the bookkeeping aspect of their business.
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Contact: Shannon Cherry PR for Behind the Scenes LLC news@cherrycommunications.com 800-257-0633, ext 4
Web Site: http://www.behindthescenesllc.com
Contact Details: Contact: Shannon Cherry PR for Behind the Scenes LLC news@cherrycommunications.com 800-257-0633, ext 4