We know that tax season ended recently, and we’re all patting ourselves on the backs for getting through it! While taxes are definitely not the most exciting part of running a business, starting the season with good habits can transform the experience from stressful to smooth.
This month, we’re focusing on how you can set yourself up for an easier tax return next year. With a few practical tips and some smart strategies, you’ll be well-prepared when tax season rolls around.
Know Your Write-Offs:
Beyond the common deductions, many business owners miss out on lesser-known write-offs. For example, you can deduct professional development expenses such as courses or seminars. Additionally, if you use part of your home exclusively for business, you might qualify for a home office deduction. Even software subscriptions for business use, like accounting or project management tools, can be deductible. Check out our newsletter from last year about more uncommon write-offs.
Keep Your Receipts:
Good record-keeping is essential for a smoother tax process! Save all your receipts and categorize them as you go. Digital receipts should be stored in an organized manner, ideally with accounting software, and physical receipts should be scanned and saved to avoid losing them.
Utilize Accounting Software:
Investing in accounting software like QuickBooks can save you time and hassle. These platforms keep track of your expenses and income and help you generate necessary financial statements and tax documents, ensuring you’re ready when filing time comes
Set Up for Success:
Acknowledge that tax season is usually not fun, but setting up good habits now will make a big difference. Schedule regular check-ins, either monthly or quarterly, to review your finances, reconcile accounts, and ensure everything is up to date. This proactive approach reduces last-minute stress and errors.
Getting organized at the beginning of tax season is a crucial step towards long-term business success. By knowing your write-offs, keeping thorough records, and utilizing accounting tools, you can simplify the filing process and save yourself a lot of headaches. Embrace these habits, and you’ll find that tax season can be a lot more manageable!
Tips from Our CFO
Tax season can be a daunting task: gathering documents, working with a CPA or tax software, rearranging minute details that have already happened. As a small business owner, there are two things to think about as you gear up for tax season.
One: Make sure you have an expert you trust to help you do the filing.
Two: Know your goals. Are you a lifestyle business, are you building a legacy, are you growing, are you comfortable and just want to maximize where you are? Each of these answers can have a different impact on deductions and how you make important taxes decisions.
Keep this in mind as you work with your tax expert so that you can have a smooth process supporting your plan for the business. –Joshua Brackett, Ascendus CFO
Ascendus is excited to announce a partnership with Webneed – custom websites created just for your business!
LOOKING AHEAD
Stay tuned for next month’s newsletter:
Learning how to improve your credit, with an interview with our very own loan advisor, Neysa!
FEATURED CLIENT
CATRACHITOS FAMILY DAYCARE
Boston MA
“Because of the loan, we could update our business and support our family. Thank you Ascendus, for being magnificent.”
– Reina Coto
Click to watch, and learn more about the incredible small businesses that are focusing on providing an impact, making a difference in their communities, and the journey up.
Hell Bent Brewing, located in two Washington locations, has won awards for its beer; offering IPAs, pilsners, ambers, and more, it’s easy to find a brew to delight your tastebuds.
Morris Kitchen is a company that sells delicious cocktail mixers crafted with high-quality, all-natural ingredients. They also offer recipes on their website, so you can make your own delicious cocktail at home.
Coco Reserve has turned coconuts into an art form. They specialize in growing and supplying premium Floridian and coconut products (including custom-branded coconuts) to individuals, businesses, and events.
LOAN PRODUCTS AND EVENTS:
Need a loan, line of credit, or just some personal finance coaching to help your business grow? Check out these products and resources designed for your needs.
Webneed
Create Free AI powered websites for your small business. Access website building consultants, learn how to build and manage a website from scratch, and how to set up merchant services.
Business Term Loan
For small business owners who need money to grow their business, Ascendus offers loans from $500 – $50,000. Qualified businesses will be located nationwide, except in Vermont.
Charlotte Growth Fund
Loans up to $50,000 for qualified small businesses in Charlotte, North Carolina.
New Jersey Capital Access Fund
Borrow up to $150,000 at a fixed, competitive interest rate for the life of your loan. Available only to small businesses located in the state of New Jersey.
CT Small Business Boost Fund
Supported by the Connecticut Department of Economic & Community Development, this fund links Connecticut small businesses and nonprofits to financial support.
Childcare Business Development
Qualified Businesses can be found nationwide, excluding Vermont. If you have been in business for more than three years, you can access up to $25,000 in fast-track financing at the same interest rate within 48 hours. No paperwork is needed to apply.
Business Line of Credit
Access a line of credit up to $25,000 in fast-track financing at a 13.99% interest rate.
New York Forward Loan Fund 2.0
Up to $150,000 with a fixed interest rate for the life of the loan. Eligible to New York small businesses only.
“Get Ready” Business Line of Credit
No FICO minimum! This line of credit product is designed for African-American small business owners ready to improve their credit and invest in their businesses — $5,000 offered at 13.99%.
Ascendus Credit Coaching
Free tailored credit coaching for all current clients who are interested in our “Get Ready” Loan product. Training sessions will include credit building, debt management tailored to long- and short-term goals, prioritizing debt repayment, budget assessment, and assessment for current credit-building programs.
MASTERCARD: Digital Doors
A strong digital presence is more critical than ever for your business. Get your business online, protected and equipped with the right digital and financial tools to enable your future growth.