8 Smart Ways to Prepare for Tax Season
Tax season has a way of sneaking up on people. But as an entrepreneur, side hustler, or small business owner—you can’t afford to wing it. When you plan ahead, you don’t just reduce stress. You increase your refund potential, stay compliant, and avoid costly penalties.
At Consult With Erika, we don’t just talk taxes—we empower you with tools, education, and tax planning strategies that make your life easier.
So before the deadlines hit, let’s talk about 8 ways to prepare for tax season the smart way.
1. Get Organized Early
Start by gathering all your essential documents:
W-2s or 1099s
Business income statements
Expense receipts
Last year’s tax return
Any documents related to tax-deductible expenses
Having everything in one place sets you up for a faster and more accurate filing process. Better organization = better results.
2. Review Last Year’s Return
Pull out last year’s tax return and review it. Did you miss any deductions? Did you underpay or overpay?
This is where tax planning for small business owners comes in. Use your previous return as a baseline for what to expect this year—and how to do things smarter.
3. Understand Your Business Structure
Whether you’re a sole proprietor, LLC, or S corp, your tax obligations vary. Don’t assume one-size-fits-all rules apply. This is a great time to seek business financial consulting services to confirm that your structure still works for your goals—and to ensure you’re not overpaying.
4. Maximize Deductions
Don't leave money on the table. Deductions could include:
Home office use
Mileage
Office supplies
Marketing and advertising
Software and subscriptions
Work with someone who understands tax planning for entrepreneurs so you can confidently claim what’s yours and back it up if needed.
5. Make Estimated Tax Payments
If you’re self-employed or earn non-W2 income, you're likely required to make quarterly payments. Missing these can lead to penalties. Regular tax planning ensures you pay just enough—not more, not less.
6. Reassess Your Income and Expenses
This is the perfect time to take inventory of where your money went this year. Look at your profit and loss, your income streams, and your biggest expenses.
Not only does this help with taxes, but it supports long-term financial education for entrepreneurs and sharper business decisions moving forward.
7. Check Your Credit and Liabilities
Taxes don’t exist in a vacuum. Your credit profile, existing loans, and overall financial health matter too. If you need to make moves—like applying for small business funding solutions—your credit needs to be ready. That’s where credit repair and audit services come in.
8. Don’t Wait Until the Last Minute
This should go without saying, but it’s worth repeating: don’t procrastinate.
Rushed tax filings are often error-filled and stressful. Starting now gives you time to correct issues, plan deductions, and explore every opportunity available. And if you need help, we’re here for it.
Final Thoughts
Preparing for tax season doesn’t have to be overwhelming. With the right tools, the right mindset, and the right support, you can file with confidence and set your business up for a strong year ahead.
💼 Need help building a tax plan that actually works for your business?
Book your free 15-minute strategy call now and let’s make tax season work for you—not against you.
👉 https://calendly.com/consultwitherika/15-min-strategy-call
