Taxing Situations

Another tax day has come and gone. If you are like many, you waited until the last possible moment, then handed over hastily compiled information to your preparer and crossed your fingers that nothing was forgotten. Perhaps you filed an extension.

If you found yourself muttering “Never again” at some point during the process, it may be time to review how you stay on top of your business’ books.

Short of turning all day-to-day operations and invoicing over to your tax preparer/CPA, there are a number of things you can be doing to make tax time less of a hassle.

  1. Track your mileage on your smartphone. If you travel between offices or to business meetings, an app that uses GPS will keep you on track. Bonus points for getting periodic reminders to categorize your drives. Try something like Mile IQ.
  2. Do your bookkeeping online. This will allow you to sync your business bank and credit card accounts, upload receipts, and share information with your CPA, all from one location. We have services that can help you get things started.
  3. Create consistent policies. If you consistently utilize independent contractors, get their W9’s and any insurance information when you engage them. This will have you ready should you need to provide 1099s at the end of the year.
  4. Scan receipts and get rid of the paper! Having a good digital filing method will ensure that you have your information at the ready.

Do you need help getting started? Contact us to find out how you can get going on getting organized.