Here’s what to do now:
March is when tax season starts to feel real.
There’s about a month and a half left to file your tax return, and for a lot of small business owners, that deadline sneaks up fast. Between running the business, managing employees, and keeping customers happy, taxes often get pushed to the bottom of the list. That’s when stress kicks in.
If you haven’t filed yet, this is the time to get moving. Not in a panicked way. Just in a practical, get-it-done way.
Here’s what to focus on right now to keep things simple and avoid last-minute headaches.
- First, gather your income information.
- For business owners, this usually means your profit and loss statement, 1099s you received, and any other records that show money coming in. If your bookkeeping is up to date, this step is quick. If it’s not, now is the time to catch up. Waiting longer only makes it harder.
- Next, track down your expenses.
- Expenses matter. They lower your taxable income, but only if they’re documented. Bank statements, credit card statements, receipts, and payroll reports are all helpful here. Even if something feels small, it’s better to include it and let your accountant decide what applies.
- Don’t forget about prior-year documents.
- Your last tax return is more useful than most people realize. It gives context, shows carryovers, and helps keep things consistent from year to year. If you’ve moved, changed banks, or switched accounting software, this becomes even more important.
- Be ready to talk about changes.
- Did you start a new business? Add a partner? Buy equipment? Move offices? Hire employees? Changes like these can affect your return, but only if your accountant knows about them. A short list of what changed in the past year goes a long way.
- If you’re missing something, don’t stall.
- One of the biggest delays we see is waiting until everything feels perfect. It doesn’t have to be. An experienced accountant can help you fill in gaps, request extensions if needed, or figure out next steps. Silence and avoidance usually cause more problems than incomplete information.
March is the sweet spot.
There’s still time to file correctly, ask questions, and make informed decisions. You’re not rushed into bad choices, and you’re not cutting it down to the wire.
If taxes have been sitting on your to-do list, consider this your nudge. A little progress now can save a lot of stress later.
This content is for general information only and should not be considered tax advice. Every situation is different.
