Tax Season

You may still feel the residual bliss of the new year, but here at My Office Etc., we would like to remind you that April 15th (also known as Tax Day) will be here before you know it. Luckily, we are here to help provide guidance on how to be prepared, so you can have your taxes in and on time.

1. Keep Adequate Records

Some find this to be easier said than done, but there are a few simple ways to stay organized. For starters, have a separate bank account specifically for your business, and use it only for business expenses. Likewise, don’t make business purchases with your personal account. This will simplify your general record keeping, and make it so that you don’t have to dive into the depths of your banking history to find that one business transaction that you used your personal card for.

Another easy way to stay organized is to invest in some simple accounting software that will help you track what your purchases are for. Updating the receipt records that you keep on a weekly or monthly basis makes is much easier than waiting until you need to file taxes.

If it is too late for either of these, see if your bank allows you to download transaction history into a spreadsheet. This will allow you to search through transactions using the search shortcut (Ctrl F for PC, Command F for Mac).

2. Purchase Report Documents Ahead of Time

Depending on the type of business you have, the tax forms you may need will vary. Regardless if you have a sole proprietorship, and LLC, or if you simply need W2 forms for keeping records for your employees, we have your covered. Click here you see how My Office Etc can meet your tax document needs!

3. Reconnect with your Accountant

Business taxes can get complicated, but the right accountant should be able to help you through it. Likewise, the right accountant will also help you be able to determine what types of transactions are tax deductible for your business. Providing your adequate records and reporting documents will make their job simpler, and therefore help them file your taxes efficiently.

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