It’s beginning to look a lot like tax time
As the days get shorter, the shops get busier and the cups more full of cheer, it can only mean one thing: Christmas is right around the corner. This can be the busiest time of year for many industries – retail, hospitality and banking all experience a huge boost towards the end of the year. You may find yourself struggling to complete all of your daily tasks on time – not to mention fit in all of the shopping, cooking and socialising that are a part of the holiday season.
For those in the accounting and bookkeeping fields, the end of the calendar year signals yet another important impending date – the annual deadline for filing personal tax returns is at the end of January.
Personal Tax Returns – Don’t let the panic spoil your holiday season
If you are a contractor, independent businessperson or freelancer, you need to ensure that your tax return is filed by the end of January – a failure to do so can result in nasty fines, financial penalties and even a loss of your business license.
Right now is the best time to start thinking about your tax return. While the end of November and the entire month of December can sometimes feel like it has been swallowed completely and monopolised by Christmas, Hanukkah, New Year’s and holiday gatherings of all types, it is also imperative that you take a few minutes out of your busy schedule in order to start compiling the information that you will need in order to file your taxes correctly and on time.
While it may seem tempting to leave all of the tax time fuss until the beginning of the new calendar year, this can be a huge mistake. If you discover that you have missing receipts, messy paperwork or other problems that need to be rectified, leaving yourself with only a few weeks to sort everything out is not a good idea.
As the old adage states: a stitch in time saves nine! It is always better to plan for your tax return in advance rather than attempting to compile all of the necessary documents and information at the last minute – not only is this incredibly stressful, waiting too long to start on your taxes can often result in easily preventable errors.
Get started on your tax return now
Bookkeepers and accountants at all levels agree – you’ll be in a much better situation if you get started compiling your tax return now.
Unsure how to best do this? Worried you are going to make a mistake? Unfamiliar with the procedures involved in filing your taxes? If you answered yes to even one of these, you should contact a professional bookkeeper or accountant today. Not only can they help you to get everything in order, they will ensure that your return is accurate – and best of all? They can save you a lot of money by finding completely legal deductions that you are entitled to claim.
Happy holidays – and happy tax season! Get started today.
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