Right After Filing Taxes | Immediate Steps Small Businesses Should Take – Tax Day has finally passed! While it might be tempting to breathe a sigh of relief and move on, savvy small business owners know there are important actions your business should take immediately after filing your taxes:
Right After Filing Taxes
Review Your Tax Outcomes
Take a moment to thoroughly review this year’s tax outcomes with your accountant or financial advisor. Did you owe more than expected or receive a large refund? Understanding why will help you make informed adjustments to your financial management practices throughout the coming year.
Set Up a Quarterly Tax Plan
Many small businesses find quarterly tax payments more manageable and predictable than a lump sum at year-end. By implementing a structured quarterly tax plan now, you’ll avoid surprises and ease cash flow throughout the year.
Revisit Your Bookkeeping Practices
Tax season often highlights strengths and weaknesses in your bookkeeping system. Evaluate what worked well and what caused issues or delays. Now’s the ideal time to adopt more efficient software or bookkeeping methods that can save time and money moving forward.
Strategically Plan for Deductions and Credits
Reflect on deductions or credits you missed or weren’t able to maximize fully this year. Develop a plan now to capture these opportunities better next tax season, ensuring you don’t leave money on the table.
Update Your Budget and Financial Goals
Use your tax return insights to revisit and refine your business budget and financial goals for the remainder of the year. Did your financial trajectory align with your expectations, or are adjustments needed?
Schedule Regular Financial Reviews
Commit now to scheduling quarterly financial reviews with your accounting professional. Regular check-ins help you stay on track, enabling more informed decisions, better cash flow management, and reduced tax-time stress.
Strengthen Cash Reserves
If your cash flow allows, start building or increasing a financial buffer. Robust cash reserves offer flexibility to handle unexpected expenses, investments, or tax obligations, reducing financial stress year-round.
MSM Advisors understands that effective tax and financial strategies don’t end on Tax Day—they begin there. Our team is dedicated to helping small businesses in Lawrenceville, GA, make informed, strategic decisions that set you up for year-round success. If you’re ready to optimize your financial approach, connect with us today!
Ready to elevate your small business financial strategy? Contact MSM Advisors now!
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