With this being tax week, we decided to feature a post that would be helpful for those of you who find tax season, well, taxing. Rogers Builders understands how overwhelming life can be sometimes, especially around April 15th, so we wanted to take this opportunity to showcase a few tax preparation tips that will get you off on the right foot for the 2017 tax season.
Taking the Pain Out of Tax Season By Preparing Early
Raise your hand if you put off doing your income taxes until the last minute every single year. Yeah, we thought so. If you are one of the millions of Americans who miss the tax deadline every year, then this post is for you. Tax season doesn’t have to be the hideous chore we all make it out to be. Put these simple suggestions into action and next year’s tax season will seem like a tea party.
Make Tax Time a Family Affair
Keeping track of all of the year’s expenditures, receipts, bills, payments and such can be an overwhelming job for just one person. This would be a great opportunity to teach teens how to budget and keep track of spending while they are secretly organizing your tax information all year long for you. Shhhh we won’t tell.
Double Check Everything
We realize tax preparation is one of those things that you just want to get done and over with so you can move on with life, however, one simple math error could end up costing you in the end. Take your time and get into the habit of double checking everything. You can add up receipts as the year goes by so when you reach tax time all you have to do is input your data.
Invest in a Tax Binder
We’ve all seen those scenes in movies where people are doing their taxes and they pull out 15 shoe boxes from the closet that are teeming with random papers and receipts. Trust us when we say, you don’t want to be that guy. Invest a little cash in a nice binder. That way you can keep everything in one place and even take it with you if need be as you collect documents throughout the year.
Start Using Bookkeeping Software for Your Small Business
Keeping track of expenses and spending throughout the year is a lot easier when you use bookkeeping software like Quickbooks. Dealing with your business transactions is more accurate when you do it little by little monthly rather than trying to do it all in a rush right before taxes are due. Investing in some type of bookkeeping software is one of the best moves you can make not only for your tax preparation but for your business as well.
There’s no reason that filing your taxes needs to be a huge ordeal. If you take a little bit of time every week throughout the year to take an accounting for your finances, organize receipts, and gather documents tax season should be easy like Sunday morning.