Working with the IRS is always frustrating, to say the least, but when it’s tax season and you need to complete your annual filing, it can be a royal nightmare. Even when working with a CPA, there is only so much accountants can do and much of the pressure falls squarely on your shoulders as the company owner or administrator. Although it doesn’t help much, you can be assured most businesses encounter the very same stresses. So, don’t let it get you too rattled. The following tips might help you live through yet another encounter with Uncle Sam.
Learn to Delegate
Perhaps the very best thing you can do for yourself and your business is to be amenable to delegating some of your responsibilities to key people in your company. This will free you up to work on all the paperwork you need to account for. You may miss the smallest item, but you can be sure the IRS won’t! Be ready to hand over some of your work to capable hands so that you can continue flying under the radar with Uncle Sam.
Protect Sensitive Data
Even a decade or two ago, this would not have been much of an issue. It has really only been in recent years that most individuals and companies are filing online. This means they are transmitting sensitive financial information over the Internet and as a result, that just adds to your worries. It always pays to employ IT experts like those at Secure Data to keep your digital transmissions safe from would-be hackers.
Take a Break
You might make it through the stress of tax season, but at what cost to your health and wellbeing? Doctors around the country are advising busy company administrators to take time off to rejuvenate. Many are working nights and weekends to meet those deadlines and the only thing they are accomplishing is working themselves farther into the hole. Without adequate rest and nourishment, your mind loses focus and your body simply wears out. You can’t keep going at breakneck speeds seven days a week indefinitely, so take a break. Even if only for a day, don’t drive yourself over the brink.
Learn from This Year’s Mistakes
It may be too late for this bit of advice, but it surely will come in handy next year. Don’t wait until the last minute to begin collecting and transmitting information to your accountant or the IRS. If you keep up-to-date records, tax season can be much easier to handle, and certainly less stressful. If you can’t reconcile accounts weekly or monthly, at least do a quarterly reconciliation so that you are prepared come April 15 next year.
It isn’t always easy to survive the stress of tax season, but it can be done. Keep all accounts current and begin delegating responsibilities as early as the beginning of March. Free yourself up somewhat to work through your books so that when April 15 rolls around, you have already filed without working around the clock in the weeks preceding that dreaded deadline. Believe it or not, millions of businesses survive tax season and you can too.