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!
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.
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 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.
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!
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