There are simple and innovative strategies that you can use all year to reduce the stress of tax season. Clover integrations automate and track sales and payroll taxes. They keep detailed records so that you don’t need to. Keeping track of your deductions throughout the year and knowing them can help you to reduce the tax burden.
These tax-filing tips can help you reduce the stress of tax season.
Automate Sales Tax with DAVO
DAVO manages the entire process for you. DAVO first connects with your Clover device and pulls the tax data for your daily sales. Your sales tax will be automatically placed in DAVO’s secure holding account. This separates your sales taxes from your business earnings. DAVO pays the sales tax due every month or quarter in full using the funds reserved.
DAVO can be set up in Clover within five minutes. It can also save you headaches, time, and penalties for late tax payments.
Quickbooks streamlines bookkeeping
Accounting can be a time-consuming process. QuickBooks streamline this process on Clover POS.
You or your bookkeeper can invest more time into other activities, which could help you save money or grow your business. QuickBooks automation reduces liability and increases accuracy by eliminating the possibility of human error. This is especially important during tax season. QuickBooks also makes year-end accounting easy by generating tax documents and reports from your data.
Payroll made simple with ADP
ADP is ideal for small businesses with up to 50 employees. It offers services that are tailored to meet your needs. ADP can be run from Clover POS, and data can easily be exported to QuickBooks for the year-end report.
Payroll taxes are automatically calculated, deducted, and paid for W-9 employees each pay cycle. This means you can save time and reduce your margin of error. ADP offers 24/7 support by payroll professionals and HR solutions in a single system.
Understand your deductions
Small business owners are eligible for many tax credits and deductions. This could translate into significant savings during tax season. Keeping track of your premises throughout the year can reduce stress at tax time. For starters, here are a few standard deductions.
- TaxesMany of the taxes you pay while running a business can be claimed as business expenses. These include state taxes on gross business earnings, federal and state payroll taxes, personal assets tax on business assets, and real estate taxes on property owned by the business.
- Travel and home office expenses – You can deduct some living expenses if you work from home, run a business or manage a portion of your time there. Travel expenses may also be deductible if you travel for work or use a vehicle. Keep track of all your travel costs to simplify the calculation of potential tax deductions.
- Internet fees and other utilities – In most cases, you can deduct the monthly cost of internet services that are used to run your company. You can also remove the price of a phone line used exclusively for business. You can deduct a percentage of your phone bill using the same line for personal and business needs. Keep utility bills to help you calculate your deductions.