Why Filing Early Can Be a Huge Boon for Small Businesses
Small to medium-sized business owners all over the country are dreading tax time and for good reason – the April deadline is quickly approaching and if you don’t have your tax situation locked down, time is running out. However, there are benefits to tackling your company’s taxes sooner rather than later, such as:
Additional Time to Correct Mistakes
Especially if this year is your company’s first time filing taxes, there’s a good chance you’re going to make a mistake along the way. Tracking down missing receipts, calculating write-offs, and getting everything organized before April is a huge time commitment and not usually a priority for the typical wears-many-hats business owner. If there’s ever been a time to hire some additional help with your accounting, it’s definitely now.
Establish Positive Financial Habits
The culture of each company is influenced by those who shape it early and help it grow. By establishing your business as fiscally responsible and attentive to deadlines, you can help ward off institutional negligence, laziness, and financial ignorance for many years down the road. Plus, filing early may help you earn your refund much sooner, helping your bottom line as you set a course for the coming year.
Prevent Identity Theft
When most people think of identity theft as something that happens when someone steals your credit card offers, but in reality, one of the most successful identity theft schemes occur via tax returns. Businesses are especially vulnerable to this due to the public-facing nature of their operations, making them a high-risk, high-reward target for would-be thieves. By filing false tax returns on behalf of the company, thieves can steal the returns and leave businesses with a massive headache with the IRS. By filing early, you can avoid the chance that someone files in your company’s name, as a subsequent filing will be flagged by officials as fraudulent.
For more helpful insight into the world of small business taxes and HR strategies, contact the team at Honest Buck. We can help alleviate the stresses of tax season and keep your company’s books so you can concentrate on your business itself, so give us a call today!