Each year, we need to go through the business papers and create some order so we can give it to our accountant, right? We may have to go through piles and piles of neglected papers and receipts to find those tax-deductible golden copies that will help us. We all gather these receipts each year, but we don't have to spend a lot of time doing this task. Here are my favorite tips to help be better prepared for the end of year business tax return. Paper management tips to ease your end of year … [Read more...] about Easy Tips To Be Better Prepared for EOY Tax Return
Tax paperwork
A Complete Guide to Home Office and Business Deductions
As a small business owner, you probably have lots of deductions for your business. But are you taking all the deductions? There are probably deductions you don't want to make because 1. you don't have the paperwork to support it or 2. You have paperwork, but it's so disorganized that you just don't have the time to sort them. To make your life a little easier this time of year, I created this post with business deductions tips to make this process simpler to manage. First, use a software like … [Read more...] about A Complete Guide to Home Office and Business Deductions
How To Organize Employee Records in Your Small Business
How do you keep your employee's paperwork? Do you have one folder for each employee? Or, are they all in one folder? Do you know where all your employee paperwork is? Do you have subcontractors? Where are all the sensitive W-9 and W-2 paperwork? Are they in a secure place? Every small business needs to keep employee records. I have found that several small businesses do not know where all their paperwork is. And, if this information falls into the wrong hands, you could be creating … [Read more...] about How To Organize Employee Records in Your Small Business
3 Benefits of Reconciling Your Credit Card Statements
It's tax time. Do you have your paperwork together and are all your statements reconciled? Before you start pulling your bank statements and backup support paperwork together for your accountant for last year's tax return, you should go through and reconcile your credit card statements for your small business. Why? You may ask. We all know that reconciling a bank account makes it easier to confirm the funds are correct. It will limit the error of bounced checks and improper managing of accounts … [Read more...] about 3 Benefits of Reconciling Your Credit Card Statements
How to Order IRS Information Returns forms for FREE
This month, we are ordering IRS information returns forms to make sure we can get them in time by the end of this year. The IRS allows you to order these FREE information returns forms to use to make sure all the content is inputted in the same way. The IRS Information Returns forms you can order from the IRS website are as follows. There are a lot more returns listed on the website, but here are just some of the list: Wage and Tax Statement Form W-2Transmittal of Wage and Tax … [Read more...] about How to Order IRS Information Returns forms for FREE
Small Business Mid Year Review Tips
June 30th was the halfway point of the year! Why not take a proactive view of your tax forms and review your employee and subcontractor. It is a great time to do a small business mid-year review to look at your business goals, product line, your 1099-misc paperwork, subcontractors' documentation, bookkeeping files, Profit, and your Employee W-2 information to make sure everything is in order. What areas should I review in my small business when I do a mid-year review? Below are the … [Read more...] about Small Business Mid Year Review Tips
How Long Should I Keep Business Records
How long do you keep your business files? Do you keep them forever, or do you get rid of them after a certain length of time? Keeping files for a business is different from keeping your personal files. Many different types of business files need to be kept at different lengths of time. Over the years, small business owners have asked me these questions. The IRS doesn't have a clear, across-the-board answer to this question, so here is what I suggest. If you wish to visit the IRS.gov website, … [Read more...] about How Long Should I Keep Business Records
TOP 3 Tasks THIS YEAR For a relaxing Tax Season NEXT YEAR
It's just before the start of the new year. There are things you can do right now to get ready for the next year. Let's make tax season for next year less stressful. Here are three easy tips to get tax returns in order. TOP 3 Tasks THIS YEAR For a relaxing Tax Season NEXT YEAR 1. Review and change any estimated taxes that you may need to do for the current year. Check with your employees and see if they need to have anything changed on their withholding. How about your situation? Do … [Read more...] about TOP 3 Tasks THIS YEAR For a relaxing Tax Season NEXT YEAR
Easy Ways to Track Mileage for Your Small Business
Whether you are tracking your small business mileage for tax purposes or tracking mileage to bill clients, it is important to keep good records. It's really frustrating and stressful at the end of the year, you are missing information because you didn't track it properly or consistently. Then, you have to run around tracking down all the information that should have been tracked all along. I know we have all been there. But, this year, let's vow to keep our mileage tracking more … [Read more...] about Easy Ways to Track Mileage for Your Small Business
