Filing your Business taxes is a Big chore every year!
I know because I’ve been filing my own taxes for the last 16 years as a Business Owner.
In fact, I have found that when you are organized with your record keeping throughout the year; it makes it easier for you when it is time to file your taxes.
If you enter all of your income & expenses into a computerized accounting program; you have already made it easier on yourself.
However, if your record keeping is manual and in written form, you have a ton of work to do to get ready for the upcoming tax season.
Here is a strategy that has worked for me and it helps me to organized my receipts in categories. Create a folder for items that you can claim on your tax return, including:
- Classroom materials and equipment
- Gas
- Employee incentives and events
- Business Events
- Professional Development
- Food for the Children
- Your Lunch Receipts
- Massage and Medical appointments
- Car or Van Expenses
- Marketing Expenses
- Office Supplies
- Building maintenance or home repairs
- Utilities
- Cell phone bills (must be used for Business)
For more Tax preparation tips, Check out this blog post to get some record keeping ideas for 2016, click here.
I want to hear from you, be sure to share your thoughts and feedback with me about this blog series by posting on the Child Care Business Owner facebook page or tweeting me @ccarebusiness. Be sure to use hashtag #Finishstrong2015
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Your Coach,
Shiketa
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