Thoughts about taxes and …

There are only a few pages left in my calendar.  Flipping the page the other day and then turning back the clock yesterday all brought to the fore-front of my mind that the end of the year is drawing close.

According to the countdown clock there are 54 days, 1320 hours, and 79243 minutes until January 1, 2012.

That means that you have had approximately 10 months to get, keep, and update all of your bookkeeping, receipts, bank accounts, and other information needed to get the very best tax return that you could this year.

How many of you have done that?  No really.   Are all of your ducks in a row?  All your income accounted for?

What about Expenses? Let’s see …

Checklist:

Mileage:   Have you accounted for all those miles to all those networking meetings, the post office, the bank, and of   course, to go see clients.  AND personal volunteer mileage, medical mileage, and more business related mileage.

Sub-contracted services:  Did you pay anyone else to help you with the job that was not an employee?

Payroll:  Are you making sure that employees are paid as such and not as contractors so that the IRS does NOT need to call on you?

Office Supplies:  Lots of those (some of us are office supply junkies and have way more than we need, but … who’s to say what we need) — Include in this all the software, pencils, computer accessories, and paper for the printer.

Advertising:  Yes that means business cards, fliers, website costs, blog expenses, as well as, any costs related to direct advertising.

Just to name a few things you should keep in mind.  There are of course, countless other things.  Checklist to be continued.

So how are you keeping track of these?  Quickbooks perhaps, which seems to be very popular with small businesses, or maybe you are just using good old fashioned Excel spreadsheet with its awesome versatility.

Whatever the way, whatever the means, however you plan to do it … Just do it.  YES that means You.

Of course (personal promo to follow)  you can always call your friendly neighborhood tax person and she can do it for you.  How awesome is that?!  Just pick up the phone and call and all your worries are over!

Myself, I shall continue to peruse the IRS emails (over 600 so far this year, whew!), the state department of revenue emails, and all the wonderful emails I get from fellow accountants and agencies telling me of the changes in the tax code that will continue to occur right up until the very end … or for some of us, the very beginning!!

Thinking about all this, I know that it is time to start making checklists myself.

First list is to share with you all some handy dandy tax tips.

Secondly is to schedule some classes where I can do some hands on teaching of tax tips and questions to ask your tax preparer this year.

Third is to ask all of you which works best for you when it comes to combining your social media with tax preparation, bookkeeping, payroll, and accounting duties that I love and so gladly take on regularly, to make it work best for you.

Please leave any comments along your suggestions!

Until next time, enjoy your day, enjoy your life, and smile alot!

Wendy