• Menu
  • Skip to right header navigation
  • Skip to primary navigation
  • Skip to secondary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Starting Up Tips: How to Start a Small Business

Tips to Starting a Small Business

  • Starting a Business
    • Home Business
  • Financing
  • Marketing
    • Online Marketing
  • Growing
  • Search
  • Starting a Business
    • Home Business
  • Financing
  • Marketing
    • Online Marketing
  • Growing
  • Search
  • Home
  • Business Quotes
  • Checklist for Starting a Business
  • Home Business
  • Contact
  • About

4 Ways to Get Organized This Tax Season

Welcome to tax season! The sooner you get prepared, the less stress you’ll find when April 15 rolls around. Here are the top four tips to stay on track with your 2019 taxes.

You are here: Home / Financing / 4 Ways to Get Organized This Tax Season

February 3, 2020 //  by Jane Yang

Welcome to tax season! Yes, it is only February but it’s never too early to get your ducks in a row. The sooner you get prepared, the less stress you’ll find when April 15 rolls around.

Here are the top four tips to stay on track with your 2019 taxes.

1- Know your deadlines

Stay ahead of the game. Know when you need to submit your taxes to avoid surprises or late penalties.

Return Type Deadline Date
Individual : Form 1040 April 15
Partnership : Form 1065
S corporation : Form 1120S
March 15
C corporation: Form 1120April 15
Trust and Estate : Form 1041April 15
Estate Tax Return : Form 706Due within 9 months after the date of the decedent’s death
Exempt Organization : Form 990 (series)May 15
Employee Benefit Plan : Form 5500 seriesJuly 13

Note: If the due date falls on a Saturday, Sunday or legal holiday, the deadline is moved to the next business day.

2 – Know what has changed

Take time to find out what has changed in the tax rules to help you better prepare and understand how it will affect you.

For the tax year 2019, the biggest change is the increase in the standard deductions:

Filing Status20182019
Single or married filing separately:$12,000$12,200
Married filing jointly or qualified widow(er): $24,000$24,400
Head of household: $18,000$18,350

Another change for the tax year 2020 is that the individual contributions increased for 401K retirement accounts.

The Flexible Spending Account (FSA) limit has also increased for 2020 to $2,750, up from $2,700 in 2019.  Remember that this is use-it-or-lose-it money. Contribute a set amount per paycheck and use the funds for medical expenses like contact lenses, first aid kits, chiropractic care, dental work, physical therapy, over-the-counter medication, humidifiers, braces, and copays/deductibles.

If keeping up with all the changes is quite tough for you, either hire a tax preparer to help you with your taxes or use tax software.

Photo by Kelly Sikkema on Unsplash

3 – Leave plenty of time

Start collecting documents in sorting files sooner than later. By February, you need to start compiling all your W-2, 1098 or 1099 forms. This should have been received by January 31st.

If something is missing, you’ll have ample time to track it down, instead of rushing last minute.

4 – Determine your filing system

Whether you put your papers and receipts in a shoebox or input them in a bookkeeping system, it is important to find a way that works for you in terms of filing and keeping your business records. 

One way would be to keep a container with labeled folders, such as:

  • Home and Office expenses
  •  vehicle and mileage cost
  •  child care expenses
  •  education cost
  •  medical expenses
  •  Miscellaneous

You can also upload digital documents to a secure digital platform, such as Dropbox, Google Drive, or The Vault. Be sure to keep a backup on a hard drive or thumb drive.

Taxes can be a huge pain point, but it doesn’t have to be. Follow the tips above and you’d be in good shape with sanity intact during tax time. 

Similar Posts:

  • How to Choose the Best Legal Structure for Your Business
  • Tax Tips for Starting a Business
  • Tax Tips for the Home Business Entrepreneur
  • 80 Business Challenges Facing Small Businesses
  • 5 Ways a Line of Credit Supports Your Business

Filed Under: Financing Tagged With: Small Business Taxes

Checklist for Starting a Business

Are you thinking of starting a business but don’t know where and how to start? Learn the step-by-step process to starting your own small or home-based business. Buy our Kindle eBook Checklist for Starting a Business at Amazon.com today.
Previous Post: « Why Passion is Critical to the Entrepreneur’s Success in Business
Next Post: Avoid These 10 Common Mistakes When Seeking Financing »

Reader Interactions

Comments

  1. firtukloimutrzas

    April 3, 2020 at 7:26 pm

    Great line up. We will be linking to this great article on our site. Keep up the good writing.

Primary Sidebar

  • Facebook
  • Pinterest
  • RSS
  • Tumblr
  • Twitter

Business Quotes

Check out our collection of inspiring business quotes.

These motivational quotes from business leaders, entrepreneurs and small business owners including passion quotes, quotes on business risks, quotes on success, as well as motivational quotes from business leaders such as  Guy Kawasaki and others. Visit our Business Quotes

Email Newsletter

Get tips on starting a business.

We respect your privacy. Your information will not be shared.

Popular Posts

  • 25 Lessons for Start-Up Entrepreneurs and Home Business Owners
  • thumbs up To Succeed, Understand Basic Business Principles
  • printing shop Find Out What Customers Want
  • discussing proposal Why Feedback is Important for Your Startup Business
  • Richard Branson Startup Tips from Richard Branson

Footer

RSS PowerHomeBiz

  • Taking Care of Your Personal Growth: Where to Start
  • 5 Benefits of Online Bookkeeping
  • Top 3 Financial Business Trends Driving The Industry Growth In 2021
  • What Every Employer Needs To Know About CBD

How to Sell More Online

Want to succeed online and increase the sales of your online store? Buy our Kindle eBook How to Sell More Online: 40 Tips for the Small Online Entrepreneur at Amazon.com today.
  • Sitemap
  • Contact
  • Quotes
  • About
  • Privacy Policy
  • Checklist for Starting a Business

Copyright © 2021 · StartingUpTips.com · Terms of Use and Privacy Policy