How Small Business Owners Can Simplify Tax Prep With the Help of a Virtual Assistant
It’s March, which means it’s time for small business owners around the U.S. to file their taxes. This year, 2018 tax returns are due on April 17… are you ready to file?
If you’re far from prepared, you’re far from alone. Tallying up expenses, gathering all of the necessary paperwork, and even getting organized in the first place takes precious time away from running and growing your business. Luckily, hiring a virtual assistant can dramatically reduce the amount of time you spend working on taxes — just keep reading to learn how it’s done.*
* Before we jump into all the ways a virtual assistant can make tax time easier, keep in mind that this information does not replace the advice of a qualified tax professional. Taxes are complicated and every small business is different. It’s always a good idea to team up with an accountant who knows the ins and outs of what the IRS requires. In fact, a virtual assistant can make working with your accountant a whole lot easier, too (you’ll see how in a second.)
1. Let a virtual assistant track and categorize your expenses
Even if you use one of these free mobile tax apps for small businesses, you still need to spend some time tracking and categorizing expenses.
Make things easier on yourself by letting a virtual assistant take over collecting receipts, double checking spreadsheets, and deciding how each expense will be categorized. If you want to start using automated apps and tools to track expenses they can even research options and get your business all set up.
2. Delegate some of your bookkeeping to a virtual assistant
No matter how great your accounting software is, bookkeeping is still tedious. Take this task off your plate and hand everything over to a virtual assistant. They can create and send invoices, track down payments, record business expenses, and maintain everything else about the books.
And remember how we mentioned a virtual assistant can streamline working with your accountant? Because the books are in order, everything will be nicely recorded and ready to hand over when it’s time to do your taxes.
3. A virtual assistant can organize any messes you’ve made
If you’re like a lot of small business owners, you know you should be using apps and other simple tools to track expenses automatically. You also know that receipts should be saved and that expenses should be entered regularly. Actually doing all of those things is another story.
If you haven’t been tracking expenses and entering them into your accounting software, a virtual assistant can turn those loose receipts and credit card statements into a comprehensive record of the year’s expenses.
Even with a virtual assistant, I’m still behind — can I file an extension on my small business taxes?
Yes, you can file an extension on your business’s taxes. You’ll need to file Form 7004 with the IRS. However, a filing extension doesn’t mean you also get an extension on paying taxes — you still need to estimate how much you owe and send it in by the due date. For more information on extensions based on your type of business, have a look at this TurboTax's guide to filing a business tax extension.
Extension or not, it’s clear that a virtual assistant is a helpful business tool for tax season and beyond. Learn more and find professional help near you with Intelligent Office’s virtual assistant locator.