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 accurate by … [Read more...]
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...]
Tips To Be Better Prepared for EOY Tax Return
Each year, we need to go through paperwork 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 gold 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. I swear we don't have to spend a lot of time at all. Here are my favorite tips to help be better prepared for the end of year business … [Read more...]
Make Bookkeeping A Priority
I work with plenty of small business owners that feel bookkeeping frustrates them. They don't want to do it. They don't even understand the importance of it. I'm here to tell you that it is important and it most is done properly to be effective. Make Bookkeeping A Priority First, you will need to understand the benefits of having an efficient bookkeeping system: Making sure your cash flow has a system. By using a budget and tracking specific transactions over time will get you see areas that … [Read more...]
Federal Tax Resources for Small Businesses
I found some great information from the U.S. Federal Government that can help you and your small business. This information will help you be more informed with small business practices in relationship to the IRS. I like these sites because they are videos and you could watch/listen to them in a short about of time. Here are the federal tax resources for small businesses links that will help you get the information and be able to move on to something else fairly quickly. IRS Videos : This … [Read more...]
TOP 3 Tasks THIS YEAR For a relaxing Tax Season NEXT YEAR
Tax season is finally past, and now we can relax, right? Wait a minute, let's be proactive about this. 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 you require more money … [Read more...]
