Feeling a little overwhelmed this time of year even with the anticipation of a tax refund, yet dreading the process required to get you to that refund? Or maybe you’re just dreading the process of getting your taxes filed.
It’s not as daunting as you might think. Preparation is key. And here I’m going to share with you tools and strategies to make the process a little less painful.
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1. Compile – gather all your financial documents. File folders work great for monthly documents and envelopes for storing receipts. Your digital documents can be stored in Google Drive or Evernote.
2. Mileage – if you track mileage you can continue with the traditional little book that you get at your local office supply store. But if you want to add a little automation to it, check out Mile IQ. It’s a phone app. You can set it to remember destinations using your apps on your phone – Game Changer right.
3. Accounting Software – you should have an accounting system already set up if you’re in business. I just signed a new client that had someone doing their data entry but weren’t providing monthly financials. That’s important stuff, plus it’ll cut down on what documents you’ll need when filing your taxes.
4. Subcontractors / Independent Contractors – if you have subcontractors / independent contractors working for you and you paid them $600 or more you must send them an IRS form 1099. You’ll also want to have an IRS form W9 from them on file as well.
5. Help / Training – if you don’t know how to do bookkeeping…taxes can cost you a tremendous amount of money. Not tracking ALL your expenses, NOT job costing, MISTAKES in deductions, POSTING errors all can affect your bottom line taxes you pay. Although, it doesn’t have to be this way.
You have options. You can outsource your bookkeeping or you can keep doing it yourself. If you elect to do it yourself get training. I mean I watch ER, Chicago Med, and Grey’s Anatomy all the time, but just by watching I wouldn’t dare try to operate on you and I’d gather you wouldn’t let me. Your bookkeeping is the same way. Get training.
You can’t change the past, but you can definitely be better prepared for the months ahead.
Did you know the Entrepreneur’s Edge online course registrations is open? Click this link and check it out: https://feliciastreeter.com/bootcamp-details/
