The new tax year has arrived, which means that it’s time to get ready to produce everything necessary for the 2017 tax season. For small business owners, this can be an incredibly stressful time of year. With April looking in the future, here are a few ways your small business can gear up for the 2017 tax season:
- Get your records together
If you or your accountant hasn’t already done this, now is the time to start getting everything organized and in one place. Get all your statements together, from your payroll to your expenses, and make sure that everything is organized and easy to find when the time comes to start preparing your tax returns.
- Arrange all your final payments for 2017
If you are paying 2017 quarterly taxes, make sure you’ve met your final payment and are clear for the upcoming year. For any other outstanding bills or payments waiting, get those taken care as well. Knowing how much you paid last year also allows you to budget for the upcoming fiscal year and you can start looking ahead.
- Look ahead at tax code changes for the coming year
Naicker & Associates have outlined a few upcoming tax changes for 2018, but there are many more that small business owners need to think about as they budget and plan for the next 12 months. Being aware of what new deductions you can take advantage of, or what loopholes are closing that you may want to take advantage of, will help you a great deal.
Of course, the best way to gear up for the 2017 tax season is to sit down with an experienced small business accountant who’s knowledgeable in the Canadian tax code and knows how to help with small businesses tax preparation. Naicker & Associates work with clients in Burnaby and the surrounding Tri Cities areas to ensure that small businesses completely understand their financial situations.