Was the 2014 tax return a brutal awakening for your small business this year? While paying Uncle Sam his due might be your duty as an American, the incredibly detailed paperwork and organization required to get the most out of your tax return is another burden entirely. We’ve been there. As a small, family-owned business ourselves (for over 30 years), we know how hard it can be to stay on top of everything in your business and remember to keep certain receipts and expenses well-documented. Here are our top three tips for staying organized all year around when it comes to your accounting and taxes.
- Use a tax organizer. At PayTech, we provide you with tax comparisons to maximize legal deduction, year-end planning to maximize tax savings, and many statements and ledgers to help you organize your finances. We recommend that you use a basic tax organizer that outlines what you need to keep for your records and what you can toss. Keep all of these folders (receipts, expenses, invoices, etc.) separated in a grouping of easy-to-access files in your office.
- Go digital! Even better than a well thought out tax organizer is a digitalized tax organizer. It’ll make your life (and your accountant’s life) much easier. If you have special folders (you can lock these on your desktop) for each account’s invoices, expenses, and receipts scanned into your computer, year-to-year tax comparison’s and filing will be that much easier. You can use your regular scanner to scan these papers once or twice a month or use a product like NeatReceipts or one of these document scanners.
- Don’t freak out about delays. Each business is different. Sometimes challenges arise that create problems for filing your taxes before April 14th. Instead of stressing, PayTech checks in with you way before this deadline and goes over each aspect of your past and upcoming financial changes to ensure that, even if we have to apply for an extension, your taxes are filed with the right documentation that maximizes your tax returns.
Seriously. Filing your taxes can be that simple with the help of PayTech services. From our QuickBooks ProAdvisor expert bookkeeping software to year-round business and personal tax consultation. As the boss of your business, we’ve got you covered (both in the office and at home). Get rid of the stress, penalties, and headache and let us take over the organization and number crunching. Check out all of the tax and accounting services and pricing packages we offer to get started today! 602.788.1317 or firstname.lastname@example.org