Four Great ways for Small Business Owners to minimize stress
Posted: December 16, 2016
From tax code compliance to prepping your employees' W-2's there's a lot to think about for small business owners during the tax season. Of course, that's all in addition to your day-to-day life duties. If you're tired of being overwhelmed with stress during the tax time, here are a few tips to make the months leading up to Tax Day more manageable:
Think about last year. Chances are this isn't your first tax-paying rodeo, so this probably isn't the first time you've been stressed out by the prospect of closing through the year's financials. What stressed you most last year? Was it searching for all of your receipts? Did you wait too long to schedule an appointment with your CPA? Whatever it was, make that task number one on your list of things to do this year. Once you get that monkey off your back, your tax season will get a lot easier.
Get out of the office. Fatigue leads to mistakes. And when you're tallying up the figures to include your tax return, the last you want to do is make a mistake. One wrong digit and you could be facing a fine from the Internal Revenue Service. Leave yourself plenty of time before the tax deadline to prepare your taxes so that you can take much-needed breaks. Preparing your taxes doesn't have to be painful. Be sure to take breaks from the number-crunching so that when you return, you'll have a fresh brain, ready to catch any mistakes or opportunities for deductions.
USE helpful tech. There is a lot of helpful software available today that can make preparing your taxes easier. Even if you'll be using a CPA, which is highly recommended, there's software that can help you prep for your tax appointment. From 1099 software to apps that help you track your expenses, do some research and see what's out there and what be of most use to you. Chances are you'll find a program that will help you streamline a process that's giving you trouble, such as keeping up with receipts and invoices.
Make time for Meditation. Stress affects your physical and mental health. For example, it can make it more difficult to sleep and can decrease your creativity. Meditation is a great way to manage stress. There's a reason it's growing increasingly popular with business owners and professionals.