Tax season is right around the corner. Whether you normally do your taxes on your own or have someone do them for you, there is a lot of work that goes into getting everything together. As a business owner, there are expense slips to find, invoices to gather and inventory to be taken. This can be a lot of work but also an opportunity to teach. If you’re planning to retire sometime in the future, you can use this tax season to show your successor how the process works for your business.
Business successions come up quicker than you think and one way to help make sure your business is ready to change hands is to get your successor involved in the nitty gritty details. It is never too early to show them your business’ filing system, explain necessary documents, discuss the reasoning behind how you file your taxes, etc.
Even if you’re not a business owner but you have family members or children that are of age to file taxes, take the time to sit down and explain how you file their taxes. With programs like TurboTax, it’s easy to go step-by-step with them as long as you have all the documents handy. They’ll learn how to do their taxes themselves and you’ll probably learn a thing or two simply by trying to explain everything. You need to do taxes every year not matter what, so this year why not see it as an opportunity instead of a strenuous task?