Nashville
(Downtown), TN

315 Deaderick St. Suite 1550
Nashville, TN 37238

by Megan Hettwer
3/4/2019 7:50:26 AM

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.

Phew, right?

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.



Related

Additional Resources to Help Grow your Small Business

White Paper

How Mail Services Help Entrepreneurs Succeed

In today's mobile economy, digital entrepreneurs often work from varying locations. While this can help save money and increase agility, it comes with one big drawback:

Read More >
White Paper

Virtual Assistants Provide a Competitive Edge

Countless small business owners rely on remote assistants or offsite receptionists to help with critical organizational duties. While some are content to offload simple tasks to self-employed, stay-at-home support people, others demand more comprehensive services...NULL

Read More >
White Paper

Virtual Assistants & Remote Assistants: A Comparison

While the traditional virtual assistant is likely to work from home, an executive-level virtual assistant is part of a greater brick-and-mortar presence. This fundamental difference opens the door for extensive training opportunities that broaden the professional's support capabilities.

Read More >
White Paper

Overview of Virtual Offices, Executive Suites and Co-Working Spaces

Work has changed. In an age of instant communication, cloud-based applications, and workplace versatility, the era of the traditional office culture has come to an end. Providers of virtual offices, executive suites and co-working spaces have effectively liberated the nation’s work culture, adding dynamic and energizing new choices...

Read More >
White Paper

Part 1 of 4: Introducing the SBA

For entrepreneurs and small business owners, navigating the tricky terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a major challenge. Fortunately, American entrepreneurs and operators have access to one of the most effective resources in the worldwide market...

Read More >
White Paper

Part 2 of 4: Starting a Small Business

Navigating the complex terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a challenge for entrepreneurs and small business owners. Fortunately, American entrepreneurs have access to one of the most effective resources in the world via the Small Business Administration (SBA).
... Click to read more

Read More >
White Paper

Part 3 of 4: Managing a Small Business

Congratulations! You have gotten your small business up and running. Now what? This part of our four-part series on leveraging the Small Business Administration to help you launch and manage a small business will focus on the operational aspects of running a business. Whether you need leadership strategies, day-to-day decision making skills
... Click to read more

Read More >
White Paper

Part 4 of 4: Marketing, Sales and Contracting

Understanding marketing and sales as well as the technical complexity of our Internet-driven society gives entrepreneurs a distinct advantage over the competition. This final segment of our four-part report will take a deeper dive into the logistics and philosophy of marketing and sales and their impact on your business success.
... Click to read more

Read More >
White Paper

DIY Marketing Tools

If a business isn’t marketing, its potential customers are not finding it. Small to medium size businesses often struggle with spending hundreds of thousands of dollars on marketing. New DIY marketing tools, however, have eliminated the need to spend astronomical amounts on online and traditional marketing. These tools
... Click to read more

Read More >
White Paper

Virtual Office for Legal Professionals

Law firms (large and small) and solo legal practitioners alike can use virtual office services and spaces to run their entire legal operations or as a supplement to a home office or traditional brick-and-mortar offices. Virtual office services can be particularly useful during trial preparation
... Click to read more

Read More >
White Paper

Finance & Tax Professionals

Finance and tax professionals, whether they work solo or as part of a larger firm, can use virtual office spaces and services to stay on top of their workloads, especially during the busy tax season. Professional virtual office spaces can be particularly useful when back-to-back client meetings are necessary...

Read More >
White Paper

Traveling Entrepreneur

As business people and entrepreneurs continually strive to grow their business, doing so frequently involves traveling around the country to attend networking or tradeshow events, meeting clients and prospects on their own turf, and getting some face-time with colleagues, contractors or employees who may operate in a remote location. Preparation
... Click to read more

Read More >
White Paper

Virtual Office Eguide

Have you ever wondered why some small businesses are successful and others are not and what do these successful companies do to gain an edge over their competition? Through our years of experience
... Click to read more

Read More >