Stay Ready so You Don’t Have to Get Ready

It’s that time! For some you may have filed an extension for your 2020 taxes but water break is over, it’s time to get back in the game and tackle these 2021 taxes! If you didn’t take that route and looking to file net year… this is for you too!

If you haven’t already…

How to Prepare the New School Way

  1. Give or Obtain Your Personal Information (ID, SSN…)
  2. Same for Your Dependents or Spouse
  3. Download Those Bank Statements
  4. Gather Those 1099s (Robinhood, Savings, Contract Work…)
  5. Keep Receipts (Nowadays most receipts are digital)
  6. Refer to your Bookkeeping or Spreadsheets on your Annual Expenses (better to have proof)
  7. Track Your Commute to & from Work!
  8. Do them Yourself or Outsource
  9. File & Pay by the April 15, 2022

If you’re like most business owner in America, you will owe taxes when you file! Planning ahead is vital, because you may end up having to pay more with an installment plan, if you can’t cover the cost completely. It’s widely known, that ro be on the safe side, you want to save at least 15% of your business income to cover your taxes.

Stay Tuned on How you can Lower Your Tax Liability in the last Quarter of the Year!

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