Taxes, Taxes, Taxes as easy as 123!

Taxes, taxes, taxes. It’s that time of year. The time we start talking about year end and taxes. The holidays are over and now business owners are focused on getting things ready for tax time. January for us means 1099’s, W2’s, cleanups and year end close. It’s a rush to get things in order and ready to go for tax filing! Here’s some tips to help you prepare for year end and your taxes:

Tax Tips!

1. Make sure you have entered all the transactions in your bookkeeping program, such as QuickBooks. Once you are sure everything is entered, reconcile all your bank accounts. This means you need to reconcile the checking accounts, saving accounts, loan accounts, credit card accounts, and any accounts such as Paypal or Stripe. By doing this you will know that you have accounted for the transactions that occur in your business each month. If you need help reconciling in QuickBooks Online, here is a video to get you started https://youtu.be/OaUedv94SB
2. Have all your receipts, invoices and any digital receipts all together in case you or your accountant need them. Many times as accountants we don’t need to see the receipt unless we have a question but you do need to keep them if you ever had to prove a purchase or pull any information from the receipt. We hate paper in our office so we keep up with all our receipts with Dext Prepare. Click the link and you can learn more about this amazing app! https://dext.com/us/business-owners We use this app in our office with our bookkeeping clients.
3. Reach out to your tax accountant, as they may have a checklist or tax organizer to help you remember what documents you need. They will have deadlines for you to get your information to them so they can file your return on time. If in doubt, ask!
4. Once you have all your documents needed for your tax return either drop them off to your accountant or schedule a time to go over things with them. Don’t rush to submit things until you are sure you have everything you need.

 If you follow these tips it will make for a smoother and stress free tax time.

Need to make a tax payment or check the status of your refund? The best place to go is www.irs.gov You can do all this and more. 

If you find you need some help just go to www.blackburnconsultingnc.com/services and schedule a call with us!