Comments

  1. Nice advice, Kristen. I pretty much do all the things you suggested. I do still have to spend some time at the end of the year but nowhere nearly as much as if I didn’t keep with it daily and monthly. I’m still looking for “extra time.”

    • So glad that you are on top of things Beth! Great job… and yes, I agree, I don’t spend NEAR the amount of time during tax season because I do little bits all year long. 🙂

  2. I SWORE that this year I would be even more dedicated with getting my tax items put away promptly and not wait a month … or 3… to get caught up on them. My next goal is to hire a bookkeeper to do the task for me since I hate it so much. I mean REALLY hate it, lol. This just inspired me to keep pushing and make sure that I get it done!!

    • Yea, I hear you… tax time can be overwhelming just with the organizing. I have added.. .my expense receipts spreadsheet task to my WEEKLY calendar. I know I won’t get to it weekly, all the time… but I figure I will at LEAST once a month… and that is MUCH better than annually… PLUS… I have better chances of NOT missing out on deductions!

  3. All good tips. So important to keep info organized, for taxes and to just to keep on track. We are in the process of getting lots of miscelanneous records organized and while at it, I get to throw out papers, clean out drawers & closets and why do I hold on to old sneakers?

  4. Good stuff. Too many small business owners (particularly those just starting out) don’t realize that many legitimate business expenses can be written off on taxes. It also helps to have the attitude that spending on our business is an investment. Good stuff.

    • Yes, so very true… we can write off a lot more than we think… mileage to those lunches, paper, pens, heating for the HOME office and etc… a lot of things that will add up fast too!

  5. Love that you shared these tips. As a small business owner, and a BUSY one, receipts often get lost in the clutter. My assistant is helping me get organized this year to help with exactly this problem. We went through my old filing cabinets and found receipts and paperwork from 2005.. now that’s scary! Purging the old junk while getting organized was a great start to 2015.

    • Yes Holly… I do the same thing… it’s like emptying out my filing cabinet.. tossing what I no longer need to save after a year and storing annual stuff, like taxes with tax stuff.

  6. I try to have electronic versions of everything so I don’t have to keep a lot of paper. I know that requires trusting the company you use for backing up data will always be around and never lose your information but the really important stuff I keep on a USB drive just in case all else fails. And if that doesn’t work, well, let’s hope I never have to worry about it 🙂

    • That is great to have Beth! I have always been told to have 2 backups and at least one of those on a cloud… still working on that. I have an external, but what happens if the house burns down… eeek, need the cloud one too. Great job and yes, let’s hope we NEVER have to worry about that! 😉

    • That is great Candess… QB will be great for you to stay on task with your accounting needs, I am sure.

  7. Good practical advice, Kristen. I use to be mired in paperwork when I went to put the tax info together.. If you take the time to set up a file system and a weekly update, tax prep is easy and you get to spend some quality time enjoying life. That’s worth a margarita or two.

Leave a Reply

Your email address will not be published. Required fields are marked *