TAX TIME – Last Minute Business Tips

photo credits: Fit Small Business

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Tax time comes every year, and is a dreaded time for many, business owners and employees alike. As a small business owner, we understand how stressful it can get around this time of the year, that is why we wrote a blog that is directed at sole proprietor taxes, if you are an employee and have any questions please give us a call and we can discuss your tax needs with you personally.

Posting this April may be a tad too late, moving forward, the earlier you start thinking about getting your paperwork ready for tax season, the easier tax season becomes. It is also the way to become your bookkeepers or accountant’s favourite client!

The first step to take is to gather all your paperwork. With it being April, you should have all your investment paperwork and everything you need.

If you are doing your data entry, that’s great Once all your entry is completed then all you need to do is bring in your completed profit & loss and any additional paperwork to us or any bookkeeper/accountant. From here we will be able to file your taxes for you. This method will save you money, and if you understand bookkeeping… this is the way to go.

If the thought of doing your own data entry fills you with dread, don’t worry you can still save yourself some money with the tips below:

  • Sort your “shoebox” before bringing it in to your accountant. Any accountant will of course sort it out for you, but this can quickly add to your bill. Remember you are paying by the hour…
  • When sorting, make sure to sort it into groups, for example: office supplies, meals, or car expenses. This will help the data entry go quicker for your bookkeeper.
  • If you have any purchases over $500 keep these separate from your normal expenses as they may need to be treated differently as assets.
  • Fill out a home based expenses sheet before coming to a bookkeeper. I would be happy to provide you with one if you contact BookmindersFV.
  • Bring your kilometer log with you. There are many great apps available for tracking your mileage.

And that’s all.

As you can see the key to saving money on taxes is organization and preparation. Any time a bookkeeper needs to stop and pick up your file due to missing information, your bill will climb significantly! Start planning for a flawless file next year and organize all your files now.

By | 2019-08-11T22:38:09-08:00 April 1st, 2019|Blog|0 Comments