As we enter a new year, one topic that should be on the forefront of our minds is tax season. I know it’s not the most exciting thing to talk about right after ringing in the New Year, but it’s a necessity. We’ve seen too many people wait until the last minute to gather their paperwork and work with our Bookkeeper to prepare everything for their Accountant.
When you wait until the last minute, you add undue stress to you, your Bookkeeper and Accountant plus risk the chance of paying penalties. And remember, you are not the only customer that your Bookkeeper and Accountant are working with so they will need ample time to work with each client.
Intuit, the makers of Turbo Tax, has prepared a Tax Preparation Checklist. You may download and print it by clicking HERE. A checklist is an excellent way for you to mark what is applicable and stay on track. This way you don’t miss a step and you will have the necessary information available. Even if you are not the most organized person you should start a file for your taxes and use a checklist.
For a list of key dates, click HERE to read Intuit’s Turbo Tax online guide. Just as they say, “Knowing when and what you have to file can save you a lot of headaches at tax time. To avoid paying penalties, mark your calendar with the following key dates.” Intuit TuboTax
A good Bookkeeper understands how to make proper journal entries and record the day-to-day financial activities of your business. Without good books, your tax professional can’t properly do their job. This will result in more time and money spent.
At EM$, our Bookkeeping services are tailored to fit each client’s needs, whether it’s on a weekly, bi-weekly, or monthly basis. If you handle your own bookkeeping, you may retain our services as part of your overall tax preparation and planning.
Also, it’s extremely helpful to use a software application such as QuickBooks Financial to manage your daily transactions and manage your books. With features such as expense tracking, income tracking, and tax preparation, along with customer, vendor and employee management, you will manage and organize data easily and save time every day. Plus there are industry-specific editions.
Links to follow for additional helpful information:
IRS website: http://www.irs.gov/