5 Things You Can Do Now to Prepare for Taxes

 
 

It’s November: Busy Season. But also the time when that nagging feeling hits to remind you that tax time is coming again. Instead of letting “inaction breed doubt and fear,” here are some actions you can take today.

  1. Catch up on your bookkeeping.

    Yes, we know this is what you’ve been procrastinating, but now is a good time to start catching up on your bookkeeping. If you are using Quickbooks, make sure all of your checking, savings and credit card accounts are connected. Update any broken connections with your accounts. Then get to work categorizing and reconciling. If you’d prefer a spreadsheet, check out our Easy Expense Tracker for Google Sheets.

  2. Gather your mileage.

    Hopefully you’ve had a mileage tracker turned on this year. If that’s the case, now is the time to go back and mark trips as business or personal. If you need an automated tracker, Quickbooks Online has a mileage tracker. Or you can use something like MileIQ.

  3. Organize your receipts.

    Are your receipts in a shoebox? Hey, at least you have them. Consider scanning and saving them to an annual folder on Google Drive. Or you can use the Quickbooks Online feature

  4. Compile any personally paid business expenses.

    Did you pay for that new lens with your personal credit card? If you don’t plan to reimburse yourself, make sure you still get your tax deductions for those expenses. In Quickbooks Online, these can be added with a bulk journal entry. If you’re using a spreadsheet, make sure

  5. Contact a bookkeeper to help.

    I just hired a friend to clean my house 3 times before the end of the year. Not because I can’t do it, but because I recognize my human limits. I cannot possibly accomplish everything that is on my plate in the next 2 months AND keep my house clean for guests and holiday activity.

    Is your bookkeeping an area you can outsource, even if just for this year?

Book a free consultation here with Tanya to find out how Tidy Books can help make taxes a breeze this year. Plus, from now through 12/3, you can get 3 free months of Quickbooks when you sign up for a bookkeeping service!

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