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Tax deadlines are gaining on the small business person and what to do about it.
By Mary Theresa Mclean
With the April 15 deadline coming, more U.S. small business owners are feeling
pressured and overburdened. Usually because they are trying to do more in "crunch time". If you are a small business owner, now is a good time to get a piece of paper and start
writing down all the accounting, bookkeeping and payroll tasks you do week in and week out. Next, get three highlighters and prioritize this list into three groups based on time needed to complete the task. Take for instance payroll. If this task is taking the most time, it goes into group A. Projects taking lesser time goes in to group B. Lastly, projects such as filing receipts may take the least so it goes into group C. Then analyze each group to calculate the time based on what an hour of your time is worth. From there, look to see if handing these tasks off to your CPA bookkeeper would make sense from a financial standpoint. Show these three lists to your CPA and ask him or her for feedback. Ask them what they would do if it was their business. A really good CPA will enjoy the question and give you honest feedback that is in your best interest, not theirs.
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This intel was contributed by maryt
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May, 2012
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