How did you start the second quarter of this year? Perhaps some of you are exhausted trying to beat tax deadlines. Some businesses that don’t have a full-time accountant sacrifice the quality of their operations during tax season because they do more accounting than managing. It’s likely that tax-related stressors have magnified recently due to the unpredictability of times that cause procedures and deadlines to change. The National Association of Tax Professionals says that only 4% of those that handle tax requirements know the law changes by heart. You might be wondering about how to outsource tax requirements already. That is definitely a viable option, but here are other things you can do to make tax filing less stressful.
Say no to procrastination
Even if you’re already outsourcing your tax requirements, there is still a lot of preparation involved on your end. After all, you will ultimately be accountable since it’s your business on the line. Simple tasks like systematically compiling our receipts throughout the year and plotting deadlines will make tax season less stressful. Getting regular updates will also save you from getting caught off-guard by new regulations.
Inventory of requirements
Avoiding procrastination means having everything handy when filing taxes. Round up all the information you need based on your business structure, jurisdiction, and other factors. Tax requirements get confusing for many businesses because they don’t understand which rules apply to them and why. That’s where trained bookkeepers come in. They maneuver the regulatory maze efficiently.
Familiarize with the regulatory changes
Again, this is making a case against procrastination. But this also deserves a dedicated space. Unlikely events that push back or move up deadlines are extremely stressful because deadlines are often changed on short notice. Sometimes, these deadlines are not even communicated well. It’s the same thing for additional requirements. Keeping abreast of new requirements every now and then reduces the work.
Plan for contingencies
Missing the deadline is unavoidable at times. It’s good to know how you can remedy issues like missed deadlines. How can you request to extend? There are specific forms that you need to fill up for these. Requesting for an extension is free, so do it as early as possible instead of paying penalties for late filing. How much penalty do you need to pay? Though you are trying to avoid this scenario, it doesn’t hurt to know the risks
Outsource your tax requirements
Tapping a skilled bookkeeper is one of the best investments you can make for your business. Tax filing errors are costly and time-consuming. Your money is best spent on outsourcing your tax requirements to a bookkeeping professional who leaves no stones unturned during filing so you can allot your time for other management duties. A business process outsourcing company in the Philippines with global market experience can help you unlock a less stressful tax filing experience. Contact MCVO to finally get your tax filing in check.
