As the new year 2018 begins it’s a great time to reflect on the past year and incorporate some changes to make your business stay on top and in shape for the coming year.
Are you ready for tax time, or is it always a scramble to make it in time for the April 30 th
deadline. Keeping your receipts organized will greatly decrease the amount of effort it
will take when it comes time to prepare your taxes. It keeps you organized, keeps you
on budget, and can be a big money-saver when you file deductions. Here are a few
suggestions to get you on your way.
Keep track of all receipts. There are a range of options to track your expenses. You
can save your receipts and note their amounts in a spreadsheet, or keep them in a
labeled envelope or receipt organizer that you can carry around.
Scan your paperwork. You can do the whole process electronically by scanning
receipts to your computer or tablet. You can also conveniently upload receipts by
snapping a photo of them with your phone. There are a host of apps for the smartphone
that can help you better track your expenses. This may take some extra effort, but it will
be well worth it in the end.
Don’t wait. Try making a habit of dealing with your receipts and any tax documents
weekly so they don’t pile up.
Talk to your accountant and share your accounts so your accountant can take a quick look and give you a rough idea of what your tax bill will be, It’s always good to be prepared, so you can ensure you have the right about of money saved to avoid any unpleasant surprises.