It’s tax season. You know when you start seeing tax commercials back-to-back on T.V. Blehh, taxes just puts a sour taste in my mouth.The bane of my existence…
Okay maybe not THE bane, but one of them! I hate doing my taxes. It’s just one of those things that I do.not.enjoy.at.all. I have learned a few things over the years being a small business owner, though.
- Save your receipts! Did you treat your client out to coffee or lunch? Expense! Did you buy those cute paper clips for your paperwork? Expense! Did you buy that new laptop for all your designing needs? Expense! You get it.
- Track your mileage! Meetings, working in the field, deliveries, etc. are all valuable expenditures of a small business. Trust me, these bad boys add up!
- Have a bookkeeping system. This is one of the hardest things for me to stay on top of. But I promise you it’s SO worth it. Personally, I use Quickbooks but you can use any type that works with your budget and needs.
- Keep your paperwork for 7 years. Trust me, I’m going through it. Don’t throw your stuff away so quickly. Keep a copy just in case you get a call and need to show your paperwork.
- Hire a professional. I can’t stress this enough guys. This is THE best thing I have done. My accountant, Jenn, saved me from all this stress. She’s someone I can trust, is a friend and colleague, and is really good at what she does. Thanks to her, I have peace of mind during this time of year!