Let’s be honest, running a business is no easy task. In addition to the pressure
associated with building your company from idea to start-up and then to scaling and
further growing your customer base all while constantly improving your products and
services, there comes the added responsibility of preparing and paying taxes.
Here are some tips to streamline, organize and better manage your taxes each year:
- Get Organized
- Separate Business and Personal Expenses.
We know that sometimes, as a small business owner, it is often a struggle to separate work from
personal affairs, including finances. Remember, mixing business and personal expenses is a highway
to disaster as it puts you at major risk. An easy way to establish that needed disconnect between the
two is using a separate bank account for your business.
Know the Dates. Get familiar with Jamaica’s tax calendar and use it as a tool to stay ahead
of important action items such as tax filing and making payments. Check out important information here “Tax Day
Less than Two Months Away- March 15, 2021”
Log Everything!Keep comprehensive notes of all expenses as they happen.
- Get Technical
This not only facilitates a paperless workspace but more importantly, a safe and systematized online file of your expenses.
Invest in the necessary software. This way, you will be better able to consolidate the business’ financing, reduce
data entry and save time which, of course, is money.
- Get Informed
Keep up with the news.Stay in touch with new developments and tax information posted by the Tax Administration of Jamaica (TAJ)
by visiting their website at http://www.jamaicatax.gov.jm/
Reach out to your FGB Relationship Managerfor expert advice on preparing your taxes and how to best align your business finances.
Pro Tip - Separate and better manage your business expenses when you pay your taxes from our specialized Credit Card for Tax Purposes.
The FGB Tax Card is designed with higher limits in keeping with your tax payment requirements and we limit your exposure by allowing the card
to be used only at Government of Jamaica online and Tax Office. It provides a safe, effective and convenient way to pay all GCT, custom duties and
corporate taxes from anywhere and at any time while you EARN CASHBACK
Give us a call at 888-CALL-FGB (225-5342) or send us an email at GetPoweredbyFGB@gkco.com to learn more or get started with your Credit Card for Tax Purposes today.