The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.
Protect Tax Records Before Disaster Strikes
As such, it’s always a good idea to plan for what to do in case of a disaster. Here are some simple steps you can take right now to prepare:
Ready to File? This Tax Records Checklist Will Help
If you’re a taxpayer who has not yet filed their 2019 tax return, you may be getting ready to do so now. One of the first things you will need to do – before visiting your tax preparer – is to gather all of your year-end income documents. Doing so ensures that your tax return is complete and accurate.
Here are some of the documents taxpayers need to have on hand:
Tax Planning Includes Keeping Good Records | Seven Helpful Tips
It’s January and tax season is right around the corner. For many people that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:
Employer Benefits of Using the EFTPS
Small business owners who are also employers should remember that the Electronic Federal Tax Payment System (EFTPS) has features that make it easier to meet their tax obligations – whether they prepare and submit payroll taxes themselves or hire an outside payroll service provider to do it on their behalf.
Be Prepared When Natural Disasters Strike
While September and October are prime time for Atlantic hurricanes, natural disasters of any kind can strike at any time. As such, it’s a good idea for taxpayers to think about – and plan ahead for – what they can do to be prepared.
Here are four tips to help taxpayers be prepared:
Homeowner Records: What to Keep and How Long
Keeping full and accurate homeowner records is vital for determining not only your home deductions but also the basis or adjusted basis of your home. These records include your purchase contract and settlement papers if you bought the property, or other objective evidence if you acquired it by gift, inheritance, or similar means.
Recordkeeping Tips for Small Business Owners
The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.
Apps for Tracking Business Mileage
Every business owner, no matter how small, must keep good records. But whether it’s keeping track of mileage, documenting expenses, or separating personal from business use, keeping up with paperwork is a seemingly never-ending job.
Five Ways to Minimize your Tax Liability
If you want to save money on your tax bill next year, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill.