How to Organize Your Business and Personal Taxes
One of the most famous quotes in American history is attributed to Benjamin Franklin, who remarked that "nothing can be said to be certain, except death and taxes".
Every adult in America knows that tax time will once again strike like clockwork come April, but few people prepare throughout the year.
As April descends upon us, the local news is full of stories of people rushing at the last second to submit their tax forms.
And for every person who manages to get there taxes in at the last second without problems, just as many find themselves faced with the threat of audit or penalties.
Why avoid the inevitable? By constructing a manageable plan now, you can prepare for tax day throughout the year and save yourself a headache (and money!) down the line.
Whether you are preparing personal income taxes or taxes for your business, there are a few steps you should take along the way to save time later.
The first, most basic step is to keep track of all income throughout the year.
Even if you expect that your employer will provide you with tax forms at the end of the year, you should be keeping your own records to insure that your records match your employers.
This will help you to find errors quickly and manage your finances and tax withholdings throughout the year.
It's also absolutely essential to set up a system for saving your business and charitable receipts throughout the year.
An inexpensive binder and a number of clear plastic sheets may be able to help you keep your receipts organized throughout the year.
It's also a good idea to keep a ledger inside the binder, to remind yourself of what the events to which the receipts correspond.
With all of the research work done ahead of time, many of the important steps to doing your business and personal taxes are behind you.
Now, it may be time to consult a professional tax service, even if tax day is months off.
They can help you to track your expenses, make sure your withholdings will be enough for your needs, and help you find tax deduction opportunities throughout the year.
As the D day comes closer, they will be able to provide and collect the forms necessary to help you complete your business and personal tax filings.
Even if you choose to do your taxes yourself, there are many professional tax specialist you can still talk you through some of the pitfalls while making sure you have the right forms to minimize your liability.
Don't fight the inevitable, plan for your taxes today!
Every adult in America knows that tax time will once again strike like clockwork come April, but few people prepare throughout the year.
As April descends upon us, the local news is full of stories of people rushing at the last second to submit their tax forms.
And for every person who manages to get there taxes in at the last second without problems, just as many find themselves faced with the threat of audit or penalties.
Why avoid the inevitable? By constructing a manageable plan now, you can prepare for tax day throughout the year and save yourself a headache (and money!) down the line.
Whether you are preparing personal income taxes or taxes for your business, there are a few steps you should take along the way to save time later.
The first, most basic step is to keep track of all income throughout the year.
Even if you expect that your employer will provide you with tax forms at the end of the year, you should be keeping your own records to insure that your records match your employers.
This will help you to find errors quickly and manage your finances and tax withholdings throughout the year.
It's also absolutely essential to set up a system for saving your business and charitable receipts throughout the year.
An inexpensive binder and a number of clear plastic sheets may be able to help you keep your receipts organized throughout the year.
It's also a good idea to keep a ledger inside the binder, to remind yourself of what the events to which the receipts correspond.
With all of the research work done ahead of time, many of the important steps to doing your business and personal taxes are behind you.
Now, it may be time to consult a professional tax service, even if tax day is months off.
They can help you to track your expenses, make sure your withholdings will be enough for your needs, and help you find tax deduction opportunities throughout the year.
As the D day comes closer, they will be able to provide and collect the forms necessary to help you complete your business and personal tax filings.
Even if you choose to do your taxes yourself, there are many professional tax specialist you can still talk you through some of the pitfalls while making sure you have the right forms to minimize your liability.
Don't fight the inevitable, plan for your taxes today!
