Prepare your Shopify store for tax season

ByAdam

Prepare your Shopify store for tax season

Tax time is always make all businessmen feel so exhausted because of an endless list of tasks need to solve. Therefore, all businessmen should prepare some things in order to be ready to jump up a tax season.

Below are some things store owners should do before a tax season

  1. Remember the tax deadlines

You must add all dates into your calendar and must not miss any single deadline. You may receive expensive penalties if forgetting only one tax deadline.

  1. Get your receipts in order

In the period of technology, it’s time to go paperless. You should store you receipts online instead of paper. It will also be also when you want to find any file or order. There are some tools you can use to organize your receipts paperless like Evernote (free), ShoeBoxed (up to $100/ month), Expensify (start at $5/ month for each active user)

  1. Make sure your bookkeeping up to date

A clear set of books gives an exact view of your business investment. You can use an online accounting software to help or hiring a professional bookkeeping. When your books up-to-date, based on your conditions, choose a method for your own to manage your books

  1. Understand sales tax requirements

The laws of sales tax always make you confused, so you need to find how sales tax applies to online businesses.

  1. Consider a tax extension

A tax extension will help you have more time to file your tax return. And you need to use a tax extension form that corresponds with your business.

  1. Check out the tax deductions

There are some deductions are available to online sellers as home office, education, phone and internet costs, web hosting and online store themes, contractor work, shipping costs, vehicle fees, online service fees, equipment; and professional services.

  1. Find a right accountant

Hiring an accountant to help file your taxes is necessary. Besides helping file the taxes, he can also answer you some questions you want to know

Tax is always an uninterested part in business but it is dispensable. Hope that with some tips above, you can minimize troubles and maximize your deductions in tax season.

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