Introduction:
Tax season doesn’t have to be stressful. With proper preparation and organization, your filings can be smooth, accurate, and penalty-free. Here are six proactive steps every business should take before tax time.
1. Organize Receipts and Invoices
Keep all documents digital and labeled. This makes it easy to track deductible expenses and avoid missing claims.
2. Review Payroll and Employee Taxes
Ensure all payroll taxes, benefits, and year-end reconciliations are completed accurately and on time.
3. Verify VAT/GST Records
If registered, confirm your purchase and sales records match the amounts reported in your VAT or GST returns.
4. Categorize Deductible Expenses
Expenses like travel, marketing, or training must be properly classified to maximize tax deductions.
5. Estimate and Plan for Taxes
If you’re self-employed, calculate your estimated taxes and schedule quarterly payments to avoid penalties.
6. Get a Professional Review
A pre-filing review by an accountant helps detect errors, ensure compliance, and reduce audit risk.
Conclusion & CTA:
Proper tax preparation saves money, prevents penalties, and boosts financial confidence. Let Peevort Accounting handle your pre-filing review or full tax setup.
👉 Get your free pre-filing checklist today.