If you’re like a lot of other small business owners, you drag your feet until the last minute to file and pay your taxes. It’s getting down to the wire, folks, so even if you want to wait until April 15 to file your taxes, you still have a lot of work to do to prepare.
1. Decide: DIY or Professional?
Your decision here can determine how easy it is to get your taxes filed. If you’re filing them yourself (easiest for solopreneurs with simple tax situations), you might need more than a day or two to do so. Start blocking off time to sit down and go over your taxes. If you’re planning to hire a tax professional, it might not take as long to do, but you’ll be competing for that pro’s time. Book your appointment now so you don’t miss the deadline.
2. Consider an Extension
If you’ve been frantically working to pull together all the necessary documents to file your taxes, but still don’t have them, you can file an extension. This can get you up to 6 months to work on your taxes. It’s not ideal, but sometimes it’s the best option.