Monday Musings: Stress Free Tax Season
Friends,
It’s April 18. Tax season about to come to an end. Taxes are due tonight at midnight. Hope you have completed your taxes or at least you have filed for an extension. I don’t know about you but I am already getting anxious about next year’s taxes. If you tend to be somewhat disorganized as I am, here are some lifesaving tips:
- Keep a record of everything. Yes. EVERYTHING. My bank charges me $1 a month in order to deposit my client checks via email. $12 dollars a year may not sound like much, but I keep a record of it because it is a business expense. That cup of coffee you buy your clients when you first meet them at Starbucks? That’s a business expense. Be sure to keep that receipt.
- Get MileIQ! It’s one of the most useful apps on my phone. It tracks my trips to the bank, meeting my clients, driving to the venue on the wedding day, and so much more. You get 40 drives free per month, but if you have a full time business, then it is so worth it to pay the yearly fee so you can get unlimited drives a month. It is also one of the easier apps to use. What I love most about it is that at the end of the year, I can go to their website and print a summary of my yearly drives. It gives me everything that I need for my taxes. You will just have to use it for yourself to believe me. Download it today!
- Pay your business expenses with one bank account so that you aren’t looking in multiple places for payment records.
- Set aside at least 30% of your business income every quarter so that when you have to write a check to Uncle Sam, it wont hurt your bank account as much.
- Get an accountant. Folks, let’s face it. We cannot know all the rules and regulations when it comes to taxes. And instead of worrying that you might audited, just let a professional do what they are trained to do. Hire an accountant and make your life easy.
As you get ready for next year’s tax season, remember these helpful tips and save yourself valuable time that you could be spending running your business.
With Love,
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