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November 27, 2020

Tax Time Is Almost Here!

Do you usually wait until the last minute to get your tax information together? Whether personal or business, taxes can be taxing! Get a jump on the job now before the hustle and bustle of the holidays hit full force, and your time is jammed with activities. Here are some quick tips to get started.

  • Separate business and personal expenses. This should be done all year, but sometimes organization gets a bit sloppy. If you have piles of receipts, sort them into two separate piles—one for business and one for personal expenses. Then sort them by date. You can easily do this at night in front of the television or when you are listening to music.
  • Review the requirements for any documents that must be filed by year end and gather all the information you need to complete them. If anything is missing, work on getting it. See my blog posts Tax Documents and Get Your Tax Documents Organized for more information. 
  •  Find out what changes are planned for the tax year and take advantage of any tax saving options that end on 12-31. You may want to make some additional business purchases before year-end.

Don’t wait until it’s too late to act. Start now to take charge of your tax situation. 

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