Not many people actively enjoy preparing their tax returns. But unfortunately, it’s not only something that’s necessary as a business owner, it’s also something that’s extremely important. Preparing your taxes efficiently, in good time, and comprehensively can save huge amounts of stress and time in the future.
If you’re a business owner but you’re struggling to successfully complete your tax return because you are procrastinating, it’s a good idea to work on putting an end to this bad habit. Make sure you don’t have to request an extension by following these tips for kicking tax preparation to the curb.
Break up the tasks
Just like any other business project, it’s vital that you break down huge tasks into bite-size pieces so that they are possible to complete. For example, instead of reminding yourself to prepare your tax return, consider what might be the first small task that you need to do. For example, the first task might be to purchase tax preparation software.
Create your own deadline
You could follow the deadlines from the IRS, but following these deadlines may mean that you leave things to the last minute, and what’s more, they are not self-imposed deadlines but ones assigned to you by someone else. By setting your own deadlines, you’ll be able to fit the workload into your schedule, feel more in control, and you’ll likely feel more motivated because you will be doing things on your own terms.
Make it fun
While taxes probably will never be fun, there are ways that you can set up your workspace so that you feel less friction when you engage in the task. For example, you could change the environment when you work on the task or get your favorite coffee to enjoy when you start.
Avoiding procrastination when preparing your tax return can help you to avoid a great deal of dread, and it will save you time and money. If you need guidance in preparing your tax return, you may need to seek information about how aspects of business law apply to you.