In the heart of the first quarter, small-business owners are turning their attention to tax day. Preparing for taxes can be a complex and time-consuming process, but taking the time to get the details right helps ensure you won’t be facing issues down the road and that you’re receiving all the deductions you’re entitled to.
Whether it’s gathering financial documents or researching regulations, having all the information you need at hand will make the tax prep process easier. Further, establishing smart habits throughout the year can make “crunch time” go much more smoothly. Below, a panel of Forbes Finance Council experts shares some essential steps small-business owners should take well before tax day.
Members pictured from left to right.
Photos courtesy of the individual members.
1. Finalize Calendar Year Reporting ASAP
Most importantly, small-business owners should prioritize…