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​Hoods Tax &
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​​​THE INFORMATION IN THIS BLOG IS INTENDED TO PROVIDE GENERALIZED INFORMATION DESIGNED FOR A BROAD SEGMENT OF THE PUBLIC; IT IS NOT PERSONALIZED TAX, INVESTMENT, LEGAL OR OTHER BUSINESS AND PROFESSIONAL ADVICE. YOU SHOULD ALWAYS SEEK THE ASSISTANCE OF A PROFESSIONAL WHO KNOWS YOUR PARTICULAR SITUATION FOR ADVICE ON YOUR TAXES, YOUR INVESTMENTS, THE LAW OR ANY OTHER BUSINESS AND PROFESSIONAL MATTERS THAT AFFECT YOU AND/OR YOUR BUSINESS. ​

Tax Tips: Save Time and Money!

7/13/2018

3 Comments

 
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​Tax Tips: Save Time and Money!

Taxes can be daunting. Numbers, payments, files, bookkeeping, and even audits can get to be scary thoughts. Not for our Hoods Tax & Accounting team, though! Below are some tips on things to understand in order to help you come tax season! Whether you are filing as an individual, or an owner of a small business, these tips will be relative to you!

Organize
Keep everything you’ll need to reference for your taxes together. Keep logbooks, receipts, pay stubs, and credit card statements all tougher through the year. File them to maximize organization.

Record
Keeps tabs on everything. From purchases to payments, make sure you are keeping record of everything you are doing with your money. Not only will this help you understand what you are spending your money on, it will also help things go smoothly during tax time.

Keep Boundaries
Keep your work money and personal money separate. If you are a business owner, instead of having your work income go straight into your own personal bank account, roll it through the company account like other employees. By doing this, your records on your business account will stay up to date and legible. 

Single Use Card
Only use your business card for business expenses. If you are a business owner and have a company credit card, make sure that you are only using that card for purchases for your business. This may seem like a tip that everyone already knows, however, we see it more often than you think. Even if it was a one-time situation, it can have an impact come tax time.

Save Receipts
In the case that you are questioned come tax time, having a detailed receipts of what you purchased will assist your case. You can also keep your gas receipts and mileage for deductions!
Our team at Hoods Tax & Accounting are here to help with all your tax needs, year round! Everyone knows how stressful tax season can be, that is why we want to help you understand your taxes now!

3 Comments
Tez link
2/9/2021 07:10:15 pm

Great tip about keeping separate accounts for personal funds and business. I need to get an accountant to make sure that I file the right charity deductions. I don't want to screw it up and owe more than I actually do.

Reply
Adam Golightly link
6/23/2021 05:50:14 pm

My brother has been thinking about planning out his taxes because he wants to prevent any problems with the law. He would really like to get some help from a professional in order to be a lot safer. It was interesting to learn about how he should have a better organization with the right kinds of boundaries that can roll through the company.

Reply
John Carston link
6/10/2022 09:26:54 pm

It helped when you said that to maximize organization of your documents, you should keep everything you would need for reference. My neighbor told me yesterday that he and his business associate were hoping to find a service that could help them with the financial reporting and management of their clothing business, and he asked if I had any idea what would be the best option to consider. Thank you for this instructive article, I'll be sure to tell him that they can consult tax accountant services as they can provide more information about the financial process.

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