If you find yourself struggling to get documents, receipts and bank statements together to prepare your taxes, you aren’t alone. Most small business owners don’t think about taxes until it tax time and guess what, that will only create delays. It will take time away from you operating, managing and growing your business.
Here are a few time that will help you get organized and stay on time of your business financials year round.
Get a bookkeeper - Are you an owner operated business, a bookkeeper is a valuable resource for your small business. Not only will they organize your business financials but at tax time, you can enlist their support to work with your tax preparer to get the job done right!
Stay on time of your mileage log. Our suggestion is the utilize technology where you can. There are several great mileage trackers that will create reports to help you easily track your business miles.
Gather your bank statements. This can take time out of your day. You can easily store these documents as you receive them each month. Our suggestion is to store them in the cloud. Consider our document storage feature via our client portal. Try it free for 15 days.
Capture all expenses you have paid for out of pocket. Now these are the expenses that usually get lost, receipts fade and there is no way to track the cash you’ve spent. Store in the cloud via our client portal so you don’t have to worry about them getting lost or fading.
Store your 1099’s in the cloud, via our client portal you can call to request to give your tax prepare access to certain files. Don’t forget the check Paypal and Square for 1099-K’s
Make sure you have issued 1099s as appropriate. If you’ve paid more than $600 in a given year to a service provider, you will need to issue a 1099.
Pull receipts for assets purchased so ensure you can get an accurate depreciation
Ensure your loan balances match your balance sheet. You don’t want to miss out on any interest expenses
Make sure your meals expenses are properly categorized.