The older you get, the faster time flies. It seems like last tax season just ended, yet here you are again. This time of year brings pressure to make numbers, close the books, produce financial reporting, and limit tax liability for business owners. With the first quarter of 2022 complete, now is the time to close the books and file taxes or file for an extension. In any event, Bayou Bookkeeping & Tax Services offers guidance and professional financial services.
Time to Close Out First Quarter
Businesses must perform monthly, quarterly, and annual financials and file yearly tax returns. In order to complete accurate financial reporting and tax filing, you should confirm precise journal entries and ensure the account’s balance. Of course, another essential aspect of a company’s success exists. Specifically, we recommend spending time evaluating the company’s performance and strategizing for the future.
When you close out the first-quarter financials, it’s also an excellent time to review its financial performance. Did you meet your goals? Do you need to adjust your forecasts for the following month or quarter? If so, make those adjustments.
If You Need To, File an Extension
Tax Day is April 18th this year. Thus, you should have filed an extension by now, if necessary. When you wait until the last minute, you put your company and yourself at risk of incurring penalties and fines. Moreover, you can add time to the filing process if you don’t have the proper documentation and tax forms. In other words, procrastination only adds to this time of year’s stress.
Pay Quarterly Taxes
Speaking of reducing stress, you should also pay any quarterly taxes during this time. The more prepared you are and the earlier you start, the less panic you experience during filing. Of course, using a professional tax preparer or CPA also helps lessen the burden.
When you take a proactive approach to financial reporting and tax filing, you experience fewer surprises and anxiety. In other words, timely, accurate financial reporting and bookkeeping reduce stress, ensure accuracy, and provide greater insight into your organization’s performance. Both your business and your emotional health will thank you for it.
Contact Bayou Bookkeeping for Professional Financial Services
If you’re a business owner in Baton Rouge or nearby, consider Bayou Bookkeeping & Tax Services as your financial professionals of choice. We can help you file taxes. Additionally, we also offer payroll, Human Resource Management services, and more. Call us at (225) 422-1137.