Tax season is coming up, and if you’re a small business owner and haven’t been keeping careful track of your business expenses this year, you could have a lot of work ahead of you. As you gather everything for 2012, you should also take the time to get 2013 on the right track and get yourself organized. A little bit of planning now will go a long way when next January rolls around.
Keep all Business Receipts
As a small business owner, it’s absolutely imperative that you keep every receipt connected to your business expenses. Looking at old bank statements, trying to remember why you spent seventy dollars and eighty-three cents at Home Depot a year ago, and if it was a business expense or not, is frustrating in the extreme. Keeping a file for receipts for all business purchases you make throughout the year will allow you to start 2014 without the anxiety. On top of that, if you can do a once a week categorizing of all of the receipts will help you keep organized, and at the end of the year, will give you a list of total expenses, rather than having to go back through all those receipts. If you want to get really high tech you could try using the NeatReceipts Mobile Scanner and Digital Filing System.
Small Business Tax Deductions- Vehicle and Property Costs
If you use a vehicle for work or [Read more…] about Keeping Your Small Business Taxes Organized