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It’s Tax Time! Here’s How to Get Prepared...

April 6, 2017

 

 

Spring is in the air. That means nicer weather, baseball, barbecues and of course—tax season.

 

It’s a tense time of year for individual employees, for sure, but chances are they may only have a form or two to worry about. As a business owner you have a lot more balls in the air to juggle: payroll, deductions, expenses and receipts, just to name a few. As the calendar slowly inches towards April 15 (this year, April 18), hopefully you’re on top of all of your business’ tax-related issues.

 

If not, there’s still some time to get things in order. Here a few ways to get your taxes prepared—fast.

 

Organization is key.

 

Your quest to keeping your tax bill down can be helped significantly if you keep good records. This includes drawing a firm line between your personal and business transactions (any blurring between the two could lead the IRS to consider your business a “hobby” and disallow your business expenses).

 

You’ll also need to have records and receipts on hand to justify deductions like meals, travel, mileage and your home office.

 

If tracking receipts and keeping up with numbers isn’t in your wheelhouse, you can always seek outside help. Sourced. offers a number of bookkeeping services to help you keep your financial information in order.

 

Make business purchases.

 

Maximize the aforementioned deductions and purchase items you can use for work purposes. These could be things like office supplies, new equipment such computers or printers or even paying invoices in advance to get the payments on the books.

 

Embrace technology.

 

There’s no reason to keep your receipts in a shoebox! Record everything electronically (be sure to back it all up!), bank online so you can easily mark tax-deductible transactions, use online accounting software and file your taxes electronically. Using the technological advances at your disposal will make filing your taxes a much more efficient process.

 

Make a list and check it twice.

 

The rest of your business doesn’t stop because it’s tax season. You still have to keep up with your day-to-day, so it’s not unreasonable that you could get distracted and let something slip with your taxes. Prevent this from happening with a checklist that contains items like:

 

  • Financial statements (bank and personal/business credit cards)

  • Payroll documents

  • Last year’s tax returns

  • Any partnership agreements you may have

  • Records of any assets your company may have purchased

  • Receipts

 

Pulling all of this information together and keeping up with the rest of your business can be a handful. If you could use an extra set of hands, Sourced. is armed with a team of experts who not only know numbers, but enjoy dealing with them.

 

Work with a professional.

 

If you’ve been in business for a while, you probably are on top of this already. For new business owners, hiring an accountant or CPA is one of the most important investments you can make. An accountant will walk you through all of the important steps in the tax filing process and assist you with:

 

  • Handling/filing receipts 

  • Filling out forms

  • Avoiding costly errors

 

Tax season tends to bring on stress no matter what, but you minimize yours by being prepared when it comes time to file. If you keep your records organized, work with a good accountant and have a handle on what can be counted as deduction, by time April 15 rolls around much more of your focus can go where it really belongs—on running your business.

 

Remember, you don’t have to handle tax season alone! Sourced. can save you time by taking care of your bookkeeping needs; accounting software execution, expense reporting, invoice management and bill pay is all within our expertise.