We see it every day this time of year. Let me set the stage for you. Its fast paced at the office. Stacks of client files surround every workstation. We’re all in the tax filing groove, if there is such a thing. Usually the music is going in an effort to calm the pace of a busy tax season. The phone rings… we hear a desperate, sometimes frantic voice on the phone asking for help. “I started a business last year and now I have to file my taxes” OR “I’m not sure you can help me, but…” Sometimes even “I have all my receipts for my tax return, now what?” Not to worry, we tell them. We can help and you are NOT alone!
Yes, tax time can be agonizing, but not just for tax preparers like us. It is especially so for many small business owners who have to play catch up on their company’s records. Documenting income and expenses throughout the year can be critical to reducing the stress factor in getting ready for taxes. Not only that, but without proper documentation, there is no way to authenticate your numbers in the event of an IRS audit.
Running a small business is difficult. Managing and keeping track of all the deductions you are entitled to can be even more so.
What records should I keep? I’m so far behind I don’t know where to begin? What is a deductible expense? These are just a few stumbling blocks that might keep you from getting started organizing your financial data. Don’t worry! Take it in baby steps. Ask questions. To see some examples of what kind of records you should keep click here….