Tax season can be a stressful time for even the savviest of small business owners. Whether it's navigating the complex web of deductions, keeping up with the latest changes in the tax code, or simply finding the time to wade through paperwork, tax time presents unique challenges for entrepreneurs. With the tax deadline looming, it's crunch time to ensure business owners are compliant and making the most of any tax-saving opportunities available. Here are some last-minute tax tips to remember as you prepare your business for tax day.

Stay Informed About Tax Code Changes

Laws related to tax are dynamic and often change. It's vital for small business owners to stay updated on these changes as they could have a significant impact on your tax liability. The recent overhaul of the tax code brought about some substantial changes, such as the introduction of qualified business income deductions and limits on business interest deductions.

Organize And Review Your Financial Records

Organization is a must, especially when it comes to taxes. Spend time updating and categorizing your financial records. Ensure all your receipts and documentation are in order and that you have records of any income you've earned and expenses you've accrued during the past year. 
With the imminent deadline, perform a thorough review to catch any errors or discrepancies that may result in penalties. If you use accounting software or hire an accountant, take advantage of the tools and expertise available to you to maximize accuracy and speed up the process.

Maximize Deductions

One of the most effective ways to lower your tax liability is to take advantage of as many deductions as possible. Small business owners can claim a wide array of deductions, including those related to home office expenses, travel, and business meals. Don't overlook potential deductions such as start-up expenses, equipment purchases, and contributions to retirement plans. .

Contribute To Retirement Plans

Contributing to a retirement plan isn't just a benefit for your future; it's also a tax-savvy move. If you don't already have a retirement plan in place, consider setting one up before the tax deadline to lower your taxable income. For small business owners, options like a Simplified Employee Pension (SEP-IRA) or a Solo 401(k) can be especially advantageous in terms of contribution limits and tax breaks.

Consider Hiring A Professional

If you find tax preparation overwhelming and time-consuming, consider hiring a professional. A tax professional can save you time and potentially save you money by identifying deductions you might have missed. They can also provide excellent advice on tax planning and compliance; some may even offer last-minute tax services for an additional fee. The cost of their services may be outweighed by the peace of mind and tax savings they can provide.

File For An Extension If Necessary

If you're simply running out of time and know your tax return won't be accurate or complete by the deadline, filing for an extension is a responsible move. This will give you more time to ensure that your return is calculated correctly and that you can take advantage of any additional tax-saving opportunities.

Keep Track Of State And Local Taxes

While federal taxes garner the most attention, don't forget about state and local taxes. Each state has its own set of rules and deductions, so it is important to understand the tax laws applicable to your business location. Stay informed about any state tax changes, and make sure that you are compliant with filing requirements.

Prepare For Next Year

The best way to reduce the stress of tax season is to stay organized throughout the year. Set up systems that help you keep track of your finances, such as regular recordkeeping and pre-set reminders for tax deadlines. By keeping thorough records and understanding how your financial activity impacts your tax liability, you'll be better prepared for next year's tax season.

Since 2005, Quikstone Capital Solutions has been a trusted advisor to thousands of merchants. Quikstone provides these merchants with easy, fast, and flexible working capital for all their business needs. If you need cash for your business, contact us today. We have only one goal: to help your business succeed.