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BizReport : Ecommerce archives : April 15, 2016

Top 3 tips to prep for 2017 taxes

It's tax day in the US, and while most businesses have already filed, it's never too late for tips. Especially those tips which can help a business prepare for next year's taxes. Let's take a look.

by Kristina Knight

First, don't store files locally.

"To make sure your tax information is safe, do not store any tax and financial documents locally on your computer. The IRS recommends backing up important tax and financial records on an external hard drive, a CD or DVD, or on a USB drive, and stored in a safe place," said Ryan Merchant for Dashlane.

Second, prep early even if you don't file early.

"The earlier you file your taxes, the more likely duplicate tax filings will be rejected by the IRS. SO PREPARE EARLY NEXT YEAR! Also, as a tax filer, make sure you check on the status of your refund within 24 hours after submitting your e-filed tax return. If you haven't received your refund within 21 days of electronically filing, or in 6 weeks after submitting your paper return, contact the IRS as soon as possible," said Merchant.

Third, do some spring cleaning now.

"Your old files need some Spring cleaning! Make sure you and your accountant permanently delete or securely archive old files and outdated financial documents. For physical tax and financial documents, shred them if they're no longer needed," said Merchant.

Tags: Dashlane, SMB tips, SMB trends, tax preparation, tax tips

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