What to Do in February (So April Hurts Less)
Tax season doesn’t usually arrive gently. It tends to show up all at once, usually at the worst possible time. February is your chance to get ahead of it, without the panic and late nights that so often come with April.
Gather What You’ll Need Now - Right now is the perfect time to start collecting your tax documents. You don’t have to organize everything perfectly, you just need to gather it. Pull together your income records, bank and credit card statements, receipts, payroll information, and last year’s tax return. Putting everything in one place now makes the rest of the process much easier.
Reach Out to the Right People - February is also the time to connect with the people who help you through tax season. That might be a CPA, tax preparer, bookkeeper, or payroll provider. Reaching out early gives you more flexibility and fewer last-minute surprises.
Avoid the Most Common Tax Season Mistakes - Many small business owners struggle with the same issues each year. Mixing personal and business expenses, missing deductible costs, forgetting estimated payments, or waiting too long to ask for help can all make tax season more stressful than it needs to be.
Make One Change That Helps All Year - If tax season feels overwhelming every year, consider making one small change now. Separating personal and business finances, using one card for business expenses, or setting aside money each month for taxes can make a big difference over time.
A Simple February Tax Prep Checklist
To make things easier, save this checklist for later:
- Gather income and expense records
- Download bank and credit card statements
- Collect receipts and invoices
- Confirm payroll and contractor information
- Contact your tax professional
- Set aside funds for taxes if possible.
Final Reminder
You don’t need to have everything figured out today. You just need to start. At Central Willamette Credit Union, we help local business owners stay organized year-round, not just during tax season. If you need help separating accounts, tracking expenses, or planning ahead, we’re here when you’re ready.
April will still come, but it doesn’t have to hurt as much this year.