Tax season can feel overwhelming, especially if you’re running a small business in Charlotte, Monroe, Union County, or nearby areas like Hickory, Winston-Salem, or Asheville.

The good news? With a little planning, you can avoid last-minute stress and even save money. Here’s how to get ahead of the game, before February hits hard.

1. Collect Your Documents Like a Pro (Before They Disappear!)

You’ve heard it before: “Where did I put my W-2?” or “I lost that 1099!”

Here’s what you need to gather early:

W-2s & 1099s – If you worked for someone else (even part-time), they should send these by mid-January. If you’re self-employed, keep track of all income from gig work, freelancing, or side hustles. Business Records – If you own a small business in Union County, Monroe, or Charlotte, save receipts for:

• Home office expenses (if applicable)
• Business travel (meeting with clients? Keep the gas receipts!)
• Equipment purchases (computers, printers, tools—even if it’s just for your side gig)

Charitable Donations – If you donated to local charities like The Charlotte Observer Foundation or United Way of Central NC, keep records.

Health Insurance Statements – If you had health insurance in 2023, you’ll need Form 1095-A (if you bought coverage through the marketplace).

Pro Tip: Use a digital folder (Google Drive, Dropbox) or a simple binder to organize everything. No more digging through old boxes when tax time rolls around!

2. Get an Early Tax Estimate So You’re Not Shocked in April

One of the biggest mistakes people make is waiting until January 31st (when W-2s and 1099s start rolling in) to figure out their taxes.

Instead, get a professional estimate early before you’ve even seen all your income.

Here’s why: You’ll know if you’re going to owe money or get a refund. If you’re self-employed (like many small business owners in Union County), you might owe quarterly estimated taxes, so planning ahead helps avoid penalties.

Where to find help:

• A local accountant in Charlotte (we are your solid choice)
• Your small business advisor (if you have one)
• Even a free tax workshop from the North Carolina Department of Revenue

Example: If you’re running a food truck in Monroe, you might owe extra taxes on sales. Getting an early estimate means you can budget instead of scrambling.

3. Plan Your Deductions Like a Local Business Owner

Did you know? Many small business owners and freelancers in Charlotte, Union County, and beyond miss out on hundreds (or even thousands) of dollars in deductions because they don’t plan ahead.

Here are some common tax breaks for people in our area:

Home Office Deduction – If you work from home (especially if you’re a remote employee or freelancer), you can deduct part of your rent/mortgage and utilities.

Business Car Expenses – If you use your car for work (like driving to clients in Hickory or Winston-Salem), you can write off gas, maintenance, and even depreciation.

Equipment & Supplies – If you buy a new laptop, printer, or tools for your business, those costs count!

Education Expenses – If you took courses to improve your skills (like an online bookkeeping class), some of it might be deductible.

Charitable Donations – Many local charities in Union County and Charlotte accept donations, so keep receipts!

Pro Tip: Keep a running list all year long. If you’re unsure, ask your local accountant, we’ll help you maximize every dollar.

4. Save for Next Year’s Taxes (Before It’s Too Late!)

Here’s the thing: Taxes don’t go away just because it’s not April.

If you’re self-employed or running a small business, you might need to pay quarterly estimated taxes even if you think you’ll get a refund.

How much should you save? A good rule of thumb is to set aside:

• 25% to 30% of your income for taxes (if you’re self-employed)
• 10% to 15% if you have W-2 income

Example: If you make 4,000/month running a side business in Monroe, saving 800–$1,200 per month ensures you’re not caught off guard.

Where to keep your savings?

• A separate high-yield savings account (like Ally or Capital One)
• An IRS payment plan if you can’t pay in full

5. Stay Organized So Tax Day Doesn’t Feel Like a Nightmare

The best way to avoid stress is to stay on top of things all year long, not just in January.

Here’s how:

Set aside time every month (even 10 minutes) to review your finances.

Use apps like QuickBooks or FreshBooks if you’re a small business owner. Keep digital copies of all important documents (W-2s, receipts, bank statements).

Schedule a tax check-in with your accountant in late January before the rush.

Why this matters: If you’re running a local bakery in Charlotte or a farm stand in Union County, having everything organized means: Fewer last-minute calls to your accountant, more time to enjoy the holidays (or at least not stressing over taxes!) and a much smoother filing process.

Whether you’re a small business owner in Monroe, a freelancer in Union County, or just trying to make sense of your taxes for the first time, you don’t have to do this alone.

If you’re feeling overwhelmed:

Reach out to a local accountant in Charlotte (we are always here to help!)

Ask questions there’s no such thing as a silly question when it comes to taxes!

Remember: The more you plan early, the less stress you’ll have come April. And who knows? You might even get a little refund back in your pocket!

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