Getting ready for tax time
A recent CompanyConnect poll of service providers on Angie's List showed that tax time isn't a complete nightmare for most, but here are a few quick tips to make sure everything goes as smoothly as possible:
- Divide and conquer: Save your invoices, bank statements and receipts and have them organized into neat monthly folders so everything is easy to find and readily available.
- Don't be a stranger: Monitor your accounting reports on a weekly or monthly basis, then get them to your accountant or bookkeeper as soon as possible so you'll know right away if you've overlooked or missed something.
- See double: Attach a check duplicate to invoices as you pay, and copy checks you're depositing and attach the deposit receipt to the copy.
- Ask for help: If you're taking care of taxes yourself, don't be afraid to ask for a hand or a second opinion. If you've hired someone to deal with tax time, make sure you're confident in their abilities. If you doubt them, don't feel bad about asking someone else to double-check their work. (If you have a membership, you can check Angie's List for a highly-rated accountant!) You can also check the IRS online to find out what forms you need and what free assistance is available.
- Go electronic: According to the poll, 40 percent of respondents still mail their taxes in. Filing electronically is not only easier, it's proven to be the most accurate way of filing.