We know โ€“ the April 18th tax deadline has passed and right now youโ€™re thinking, โ€œHallelujah! I can STOP thinking about taxes for a few months!!โ€ย 

But before you put this yearโ€™s tax season in the rearview mirror,ย letโ€™s talk about it just one more time, while everything is still fresh in your mind.ย  (Trust us โ€“ itโ€™ll only take an hour and it will make your tax season next year WAY easier!)

All you need is a Word document, or a pen and a piece of paper, to do this simple brain-dump exercise.ย  Ready?

ย First, answer 4 questions this week about this tax season you just finished:

ย (๐Ÿญ) What mistakes did you make in your taxes this year?ย  This could include:

ย โŒ Forgetting to file and pay your quarterly taxes

โŒ Sent out your 1099 documents late

โŒ Forgot to track your business mileage

โŒ Couldnโ€™t find receipts for all of your major expensesย 

Donโ€™t you want an easy tax season next year?ย  This is a great way to start!

The next question to ask isโ€ฆ

(๐Ÿฎ) What made your taxes more stressful this year? This could include:

Did you DIY your taxes โ€“ and regret it?

Did you procrastinate on your financial paperwork until the very last minute?

Did you hire the cheapest bookkeeper you could find – and realized you got what you paid for?

Did you have to pay fees for late filing or interest penalties?

Jot down all the things you did right and all the things you did wrong to help ease the process next tax season.

Something else to ask yourself as youโ€™re doing your brain dump isโ€ฆ

(๐Ÿฏ) What documents did you need to obtain, or send out this year?ย  This could include:

๐Ÿ“Ž 1099 and/or W2 forms to your employees

๐Ÿ“Ž Health insurance costs and paperwork

๐Ÿ“Ž Business expense receipts

๐Ÿ“Ž Financial reports, like a Profit + Loss Report

(๐˜š๐˜ช๐˜ฅ๐˜ฆ ๐˜ฏ๐˜ฐ๐˜ต๐˜ฆ: ๐˜ช๐˜ง ๐˜บ๐˜ฐ๐˜ถ ๐˜ฅ๐˜ฐ๐˜ฏโ€™๐˜ต ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ข ๐˜ค๐˜ฆ๐˜ฏ๐˜ต๐˜ณ๐˜ข๐˜ญ๐˜ช๐˜ป๐˜ฆ๐˜ฅ ๐˜ฑ๐˜ญ๐˜ข๐˜ค๐˜ฆ ๐˜ต๐˜ฐ ๐˜ด๐˜ข๐˜ท๐˜ฆ ๐˜ข๐˜ญ๐˜ญ ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ต๐˜ข๐˜น ๐˜ฅ๐˜ฐ๐˜ค๐˜ถ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต๐˜ด ๐˜ฆ๐˜ท๐˜ฆ๐˜ณ๐˜บ ๐˜บ๐˜ฆ๐˜ข๐˜ณ, ๐˜ด๐˜ต๐˜ข๐˜ณ๐˜ต ๐˜ฐ๐˜ฏ๐˜ฆ ๐˜ฏ๐˜ฐ๐˜ธ!)

Do you want to be organized for tax season next year?ย  Youโ€™re taking the right steps to do so.

The final question to ask yourself when you brain dump your fresh thoughts isโ€ฆ

(๐Ÿฐ) Are you expecting any significant changes next year? ย This could include:

Buying a house

Getting married

Having a baby

Entering a new tax bracket

And thatโ€™s your brain dump! Now, take your answers, and organize it these 5 simple ways:

โœ… ๐—”๐—–๐—–๐—ข๐—จ๐—ก๐—ง๐—”๐—ก๐—ง: Write down a list of questions for your accountant

โœ… ๐——๐—ข๐—–๐—จ๐— ๐—˜๐—ก๐—ง๐—ฆ: Create a checklist of documents + data youโ€™ll need to gather

โœ… ๐—ง๐—ข-๐——๐—ข: Write a to-do list for yourself (with due dates and frequency!)

โœ… ๐—œ๐— ๐—ฃ๐—ฅ๐—ข๐—ฉ๐—˜๐— ๐—˜๐—ก๐—ง๐—ฆ: What could you do differently this year? (Apps to buy, who to hire, etc.)ย 

โœ… ๐—–๐—”๐—Ÿ๐—˜๐—ก๐——๐—”๐—ฅ: Add tax deadlines and other reminders to your business calendar

Ta-da! Easy, right?ย  And if you want more helpful information to help you prep for next year, I dropped a link to a helpful blog full of resources in the comments below:

https://bench.co/blog/tax-tips/tax-deadlines/

Hopefully, that helps!ย  Now – what about you?ย  On a scale of 1-10, how painful was your tax season this year?

Or โ€ฆ does that sound too overwhelming? If so โ€“ no worries! Just reach out.

We LOVE helping our clients get easily prepped for taxes with way less effort (and stress). And Iโ€™d love to help you, too!ย ย www.constructionprofitfirst.com โ€ข info@constructionprofitfirst.com โ€ข (352) 432-8104

Tax Season Recap

Tax-Season-Recap

We know โ€“ the April 18th tax deadline has passed and right now youโ€™re thinking, โ€œHallelujah! I can STOP thinking about taxes for a few months!!โ€ย 

But before you put this yearโ€™s tax season in the rearview mirror,ย letโ€™s talk about it just one more time, while everything is still fresh in your mind.ย  (Trust us โ€“ itโ€™ll only take an hour and it will make your tax season next year WAY easier!)

All you need is a Word document, or a pen and a piece of paper, to do this simple brain-dump exercise.ย  Ready?

ย First, answer 4 questions this week about this tax season you just finished:

ย (๐Ÿญ) What mistakes did you make in your taxes this year?ย  This could include:

ย โŒ Forgetting to file and pay your quarterly taxes

โŒ Sent out your 1099 documents late

โŒ Forgot to track your business mileage

โŒ Couldnโ€™t find receipts for all of your major expensesย 

Donโ€™t you want an easy tax season next year?ย  This is a great way to start!

The next question to ask isโ€ฆ

(๐Ÿฎ) What made your taxes more stressful this year? This could include:

Did you DIY your taxes โ€“ and regret it?

Did you procrastinate on your financial paperwork until the very last minute?

Did you hire the cheapest bookkeeper you could find – and realized you got what you paid for?

Did you have to pay fees for late filing or interest penalties?

Jot down all the things you did right and all the things you did wrong to help ease the process next tax season.

Something else to ask yourself as youโ€™re doing your brain dump isโ€ฆ

(๐Ÿฏ) What documents did you need to obtain, or send out this year?ย  This could include:

๐Ÿ“Ž 1099 and/or W2 forms to your employees

๐Ÿ“Ž Health insurance costs and paperwork

๐Ÿ“Ž Business expense receipts

๐Ÿ“Ž Financial reports, like a Profit + Loss Report

(๐˜š๐˜ช๐˜ฅ๐˜ฆ ๐˜ฏ๐˜ฐ๐˜ต๐˜ฆ: ๐˜ช๐˜ง ๐˜บ๐˜ฐ๐˜ถ ๐˜ฅ๐˜ฐ๐˜ฏโ€™๐˜ต ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ข ๐˜ค๐˜ฆ๐˜ฏ๐˜ต๐˜ณ๐˜ข๐˜ญ๐˜ช๐˜ป๐˜ฆ๐˜ฅ ๐˜ฑ๐˜ญ๐˜ข๐˜ค๐˜ฆ ๐˜ต๐˜ฐ ๐˜ด๐˜ข๐˜ท๐˜ฆ ๐˜ข๐˜ญ๐˜ญ ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ต๐˜ข๐˜น ๐˜ฅ๐˜ฐ๐˜ค๐˜ถ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต๐˜ด ๐˜ฆ๐˜ท๐˜ฆ๐˜ณ๐˜บ ๐˜บ๐˜ฆ๐˜ข๐˜ณ, ๐˜ด๐˜ต๐˜ข๐˜ณ๐˜ต ๐˜ฐ๐˜ฏ๐˜ฆ ๐˜ฏ๐˜ฐ๐˜ธ!)

Do you want to be organized for tax season next year?ย  Youโ€™re taking the right steps to do so.

The final question to ask yourself when you brain dump your fresh thoughts isโ€ฆ

(๐Ÿฐ) Are you expecting any significant changes next year? ย This could include:

Buying a house

Getting married

Having a baby

Entering a new tax bracket

And thatโ€™s your brain dump! Now, take your answers, and organize it these 5 simple ways:

โœ… ๐—”๐—–๐—–๐—ข๐—จ๐—ก๐—ง๐—”๐—ก๐—ง: Write down a list of questions for your accountant

โœ… ๐——๐—ข๐—–๐—จ๐— ๐—˜๐—ก๐—ง๐—ฆ: Create a checklist of documents + data youโ€™ll need to gather

โœ… ๐—ง๐—ข-๐——๐—ข: Write a to-do list for yourself (with due dates and frequency!)

โœ… ๐—œ๐— ๐—ฃ๐—ฅ๐—ข๐—ฉ๐—˜๐— ๐—˜๐—ก๐—ง๐—ฆ: What could you do differently this year? (Apps to buy, who to hire, etc.)ย 

โœ… ๐—–๐—”๐—Ÿ๐—˜๐—ก๐——๐—”๐—ฅ: Add tax deadlines and other reminders to your business calendar

Ta-da! Easy, right?ย  And if you want more helpful information to help you prep for next year, I dropped a link to a helpful blog full of resources in the comments below:

https://bench.co/blog/tax-tips/tax-deadlines/

Hopefully, that helps!ย  Now – what about you?ย  On a scale of 1-10, how painful was your tax season this year?

Or โ€ฆ does that sound too overwhelming? If so โ€“ no worries! Just reach out.

We LOVE helping our clients get easily prepped for taxes with way less effort (and stress). And Iโ€™d love to help you, too!ย ย www.constructionprofitfirst.com โ€ข info@constructionprofitfirst.com โ€ข (352) 432-8104