10 January 2018

Tax Time Tips: Sorting the Shoe Box

It's that time of year. Let's face it, not many business people love TAX TIME! 

After all, we get before tax dollars!!!! Duh!!!

If you're facing the proverbial shoe box filled with crumpled receipts and packing slips, you need a plan. 

If your receipts have not made it in from the glove box yet, you need a plan. 

If you're forgetting about your digital expenses and you seldom print a receipt when you do the email transfer, you need a plan. 

Here's the plan!!

Don't get overwhelmed. I suggest tackling the beast in one hour chunks. 

Take a deep breath all the way to the soles of your feet and breathe all the way out. You're ready - oh ya, you're more than ready. 

Set aside one hour a day so you don't get overwhelmed.  Did I say that already? What do we do when we get overwhelmed? We kick the shoe box into a dark recess in the closet and don't do our taxes at all. DON'T DO THIS!!!

As much as we don't love tax time, let's show it the respect it deserves.
 If you think that shoe box is intimidating - you should see what it feels like when you get that knock on the door. Know what I'm saying??

...back to the plan


Collect those digital files and put them in one place. Don't miss out on write offs just because you hate doing the leg work. Bring the receipts in from the car and dig through your pockets - they're everywhere. 

You won't notice gaps in expenses until  you get it all sorted. So start sorting. 

Check those dates. Make sure it's dated for this year. Is the receipt  for advertising? Don't put it in the pile where you put your receipt for snow tires and car repairs. You get it?  CATEGORIZE your mess.

Your tax preparer will give you a handy dandy set of handouts to get you sorted. I know this for a fact - oh ya, we do taxes.

Entrepreneurs (at least the successful ones) do hard stuff every day - this is hard stuff!!!  But believe me when I say that you're going to love the weight that will be lifted when you're finished. 

Of course, if you really don't like it, you can get someone to do it for you. Give us a ring - we can hook you up. 

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