Search
Close this search box.
Blog » Business Tips » Three Tips to Get Ready for Tax Season Now

Three Tips to Get Ready for Tax Season Now

Taxes

Your mind is probably on holidays, family, and end of year planning right now. As the year wraps up there are a lot of things both personally and professionally that need to get done.

For freelancers, contractors, and some small business owners, it’s also a good time to think about taxes. Taxes might not be as fun as mistletoe or holiday parties, but they’re important to ending 2017 on a good note. There’s one more quarterly tax deadline for 2017 in January. Companies begin sending out 1099’s and w-2’s in January as well. The end of December is the best time to prep for tax season.

Prepare for tax season now so that you can head into 2018 financially and mentally prepared.

Organize Your Financial Records

Before the end of the year, gather all your financial records for 207 into one place. This should include your profit and loss statement, your invoice history, and your previous tax paperwork.

You probably won’t get any paperwork from companies you worked for until mid-January. That’s fine, because as long as you’re organized on your end, receiving your 1099’s and W-2’s will just be the cherry on top.

Arrange Your Final Quarterly Payment

January 15th is the last payment date for 2017 quarterly taxes. Take some time now to make sure you have enough money set aside to pay your tax burden, and that you have the appropriate paperwork.

You don’t want to start the new year by missing your last tax payment or setting yourself up for a penalty from the IRS. Before you dive into the holidays full force, make sure you can afford your upcoming tax bill.

Plan Your Deductions

This may very well be the last year you can claim a lot of small business itemized deductions, thanks to the GOP tax bill. Deductions are a key part to keeping small businesses afloat. Go back through your purchasing receipts and get ready to deduct things from your expenses.

Taxes are inescapable, and the IRS does not play around. It’s the smart move to get as prepared for them now as you can. If possible, reach out to your accountant before the end of the year and make sure that you’ve got all the information they’ll need to do your 2017 taxes, and ask if you’re overlooking anything else you can be doing. You can take the mental load off and really enjoy your holiday season by ensuring you’re prepared for tax season.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

TAGS
Student Loan Expert and Founder of Bravely Go
Kara Perez is the founder of Bravelygo. Kara discovered her love of finances courtesy of her quarter-life crisis. Broke, underemployed and saddled with student loan debt, she realized that her lack of financial education was crippling her adulthood. She now connects individuals with how to save and make money. She freelances in the areas of personal finance.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.

Categories

Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More