5 Tax Time Tips for Stressed-Out Entrepreneurs

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Entrepreneurship is not for the faint of heart. Being an entrepreneur requires determination, tireless devotion to your business, and being open to growing your company. And never is that dedication needed more than during tax season.

Tax time offers a great opportunity to review how your business did the previous year, but it can also bring copious amounts of stress. Here are a few tips for making the most of tax season while keeping your stress level to a minimum:

Take It One Step at a Time

A lot of prep goes into getting ready for your appointment with your accountant. So, take it one step at a time. The best course of action is to make a list and make a plan. For example, you might spend your lunch break one day organizing the year’s invoices and another calculating your mileage. Don’t be a hero.

There’s no need for you to try to figure all of this stuff out on your own. Take advantage of available tax software that will make things like prepping employee W-2s a lot easier. And if you haven’t already, download an app that will calculate your mileage for you. That will make things a lot easier come this time next year.

Aim for Good Health

If you aren’t taking care of yourself, how can you truly take care of your business? It’s easy to let things like healthy eating and exercise slide when you are busy getting your taxes ready and managing your business on a daily basis. But your health should always come first. By exercising regularly and eating healthy you not only are taking care of your body, but you are working towards cutting back on stress.

Exercise is one of the top ways to relieve stress. Besides, a lot of successful people have their best ideas when they’re working out.

Consider the Future

Preparing your taxes shows you how your business did the previous year. But it’s also a great time to see where you might make improvements for the next year. Are there credits or deductions you could be taking advantage of? Did you overspend in any areas? Could you be distributing your revenue in a more “tax-friendly” way? These are all questions to discuss with your tax preparer. Once you have your answers, put a plan in place for making profitable changes that will give your company a boost in the coming months and make tax time next year a little more painless.

Step Away

When you own your own business, it’s very difficult to step away, and that’s especially true during tax season. But time off to decompress is necessary for your health and your stress levels. Take breaks. Tax Day is still weeks away, and you’ve got time to prepare. Marathon days in your office running numbers and searching for receipts will only increase the chance that you’ll make a mistake. Plan, use your time wisely, and then, go home.

With some careful planning and by taking advantage of all available resources– including helpful software and your CPA– you can get through tax time without having a breakdown. Get started now, and you can take things at an easy pace that won’t leave you frazzled and will minimize the chances that you’ll make a costly mistake.

Author: Julie Morris

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