(NC) Tax season is upon us and for small business owners, this time of year can be especially daunting. Tracking down the necessary documents, filling in forms and discerning all possible deductions takes a lot of time and energy you’d likely want to invest elsewhere. However, taking the time to prep and plan can help you keep more of your hard-earned profits.

Stay on top of your business records. Designate time each day to properly organize and file your transactions in order to save time down the road. Don’t let a busy day or week lead to a messy paper trail of transactions, receipts, expenses and invoices. Cloud-based accounting software can help automate this process. Programs such as FreshBooks will automatically back up your documents, allow for easy invoicing, expensing and payment request follow-ups along with report creation.

Be aware of losses. Keeping on top of business records and inventory will make it easier to identify if you have any losses such as non-paying customers or theft. In these cases, you can work with a trusted accountant to understand how these can be reported and any tax deductions that can be claimed.

Identify tax write-offs. There are many potential tax write-offs for small businesses. These can include expenses related to home office space, office equipment, vehicle usage, professional services, charitable donations, advertising, shipping and more.

Take advantage of tax credits. In addition to write-offs, there are many tax credits that small businesses can leverage. Become familiar with credits that are available to your industry, such as research and development or job creation.

Finally, be sure to submit your taxes on time to avoid any unnecessary penalties.

Find more information about the benefits of cloud-based accounting and taxes at freshbooks.com.