Tax Season Recap

We know – the April 18th tax deadline has passed and right now you’re thinking, “Hallelujah! I can STOP thinking about taxes for a few months!!” 🙌

But before you put this year’s tax season in the rearview mirror, 🚗 🌬️

Let’s talk about it just one more time, while everything is still fresh in your mind.  (Trust us – it’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.  Ready?

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

 (𝟭) 𝗪𝗵𝗮𝘁 𝗺𝗶𝘀𝘁𝗮𝗸𝗲𝘀 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗺𝗮𝗸𝗲 𝗶𝗻 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿? This could include:

 ❌ Forgetting to file and pay your quarterly taxes

❌ Sent out your 1099 documents late

❌ Forgot to track your business mileage

❌ Couldn’t find receipts for all of your major expenses 

Don’t you want an easy tax season next year?  This is a great way to start!

The next question to ask is…

(𝟮) 𝗪𝗵𝗮𝘁 𝗺𝗮𝗱𝗲 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀 𝗺𝗼𝗿𝗲 𝘀𝘁𝗿𝗲𝘀𝘀𝗳𝘂𝗹 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿? This could include:

🧘🏻‍♀️ Did you DIY your taxes – 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 you’re doing your brain dump is…

(𝟯) 𝗪𝗵𝗮𝘁 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝘀 𝗱𝗶𝗱 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗼𝗯𝘁𝗮𝗶𝗻 – 𝗼𝗿 𝘀𝗲𝗻𝗱 𝗼𝘂𝘁 – 𝘁𝗵𝗶𝘀 𝘆𝗲𝗮𝗿? This could include:

📎 1099 and/or W2 forms to your employees

📎 Health insurance costs and paperwork

📎 Business expense receipts

📎 Financial reports, like a Profit + Loss Report

(𝘚𝘪𝘥𝘦 𝘯𝘰𝘵𝘦: 𝘪𝘧 𝘺𝘰𝘶 𝘥𝘰𝘯’𝘵 𝘩𝘢𝘷𝘦 𝘢 𝘤𝘦𝘯𝘵𝘳𝘢𝘭𝘪𝘻𝘦𝘥 𝘱𝘭𝘢𝘤𝘦 𝘵𝘰 𝘴𝘢𝘷𝘦 𝘢𝘭𝘭 𝘺𝘰𝘶𝘳 𝘵𝘢𝘹 𝘥𝘰𝘤𝘶𝘮𝘦𝘯𝘵𝘴 𝘦𝘷𝘦𝘳𝘺 𝘺𝘦𝘢𝘳, 𝘴𝘵𝘢𝘳𝘵 𝘰𝘯𝘦 𝘯𝘰𝘸!)

Do you want to be organized for tax season next year?  You’re taking the right steps to do so.

The final question to ask yourself when you brain dump your fresh thoughts is…

(𝟰) 𝗔𝗿𝗲 𝘆𝗼𝘂 𝗲𝘅𝗽𝗲𝗰𝘁𝗶𝗻𝗴 𝗮𝗻𝘆 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝗻𝗲𝘅𝘁 𝘆𝗲𝗮𝗿? This could include:

🏡 Buying a house

👰🏻 Getting married

🐣 Having a baby

🤑 Entering a new tax bracket

And that’s your brain dump! Now, take your answers, and organize it these 5 simple ways:

✅ 𝗔𝗖𝗖𝗢𝗨𝗡𝗧𝗔𝗡𝗧: Write down a list of questions for your accountant

✅ 𝗗𝗢𝗖𝗨𝗠𝗘𝗡𝗧𝗦: Create a checklist of documents + data you’ll need to gather

✅ 𝗧𝗢-𝗗𝗢: Write a to-do list for yourself (with due dates and frequency!)

✅ 𝗜𝗠𝗣𝗥𝗢𝗩𝗘𝗠𝗘𝗡𝗧𝗦: What could you do differently this year? (Apps to buy, who to hire, etc.) 

✅ 𝗖𝗔𝗟𝗘𝗡𝗗𝗔𝗥: Add tax deadlines and other reminders to your business calendar

Ta-da! Easy, right?  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 👇

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

Or … does that sound too overwhelming? 😬 If so – no worries! Just reach out ❤️

We LOVE helping our clients get easily prepped for taxes with way less effort (and stress). And I’d love to help you, too! • (352) 432-8104

Kerry Postel – Founder CEO Principal

Abacus Business Solutions

Has Higher National Diploma in Business and Finance, Certified in QuickBooks, Member of American Institute of Bookkeepers, and over 20 years of bookkeeping experience including construction, travel, restaurants, events management, and other various professional services.

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