Tax Time Tips for Small Businesses
Tuesday, February 2nd, 2010Author : Biz2Credit Advisor
Tax time can be scary for small business owners. If you’re a busy entrepreneur and haven’t kept the best accounting records throughout the year, there’s still time to save yourself some grief and make next year a little easier. Also keep in mind that if you don’t have a good handle on your business’s finances, the more likely it is to fail.
Associated Press business columnist Joyce Rosenberg has these tax tips for small business owners:
* Get organized. Invest in accounting software that will keep you organize. You can input information from all those receipts and invoices into the program and send a file to your accountant at the beginning of the year, saving yourself a whole lot of time and grief.
* Hire a bookkeeper. If you can’t afford to hire a bookkeeper, consider getting an intern, such as a student studying accounting at a local college and have them set up a ledger system. Also consider putting all business expenses on one credit card.
* Read your mail. This sounds obvious, but again some business owners are so busy, sorting through mail can be a chore that gets pushed to the back burner. Not opening important mail from the IRS can lead to penalties and fees down the road.
* Listen to your CPA. Start talking to your accountant now. If you don’t understand what he is saying, ask. Remember, there are no stupid questions, only stupid mistakes.



