Making sure that you have all your tax paperwork ready for tax time can be, to say the least, a bit…taxing! However, there are several ways to make this process less painful. One useful trick is to simply stay ahead of the game, which folks can do by gathering up and organizing all their important paperwork before the end of the year. Here are some other suggestions:
- Prepay deductible expenditures.
- Pay your January house payment in December.
- Prepay any medical expenses and miscellaneous deductible items.
- Prepay charitable donations in 2015 instead of waiting until 2016.
- Don’t overlook estate planning!
- Try scanning your records and receipts, as this will ultimately make it easier to keep your records together.
For more information regarding these tips and more, check out these sites we found, which cover these ideas more extensively:
Year-end Tax Planning Resources & Info
There are a number of year-end preparation activities you can do that will make things much easier when it comes time to file. This link explains a few ways to plan.
Records Retention Information
Ever wonder how long should you keep certain documents? This guide will help you better understand what you should be keeping on file, and what you can toss after a short time period.
General Tax Updates and Tidbits of Info
From season to season, taxes are constantly changing, and for a small business owner, it can be a bit of a hassle to try and keep up with them. This link provides timely tax news and updates.
Affordable Care Act Info
If you fully understand the Affordable Care Act compliance requirements, then you might be in the minority. For everyone else, from the small business owner to HR professional, the following links can help guide you.
http://www.cshco.com/articles/follow-aca-reporting-requirements/
http://www.reacpa.com/article/the-cost-of-reimbursing-employees-for-healthcare/
IRS Tax Website
Straight from Uncle Sam, the IRS website is always up-to-date. Whether you’re an individual or a CFO, it is easy to use and navigate to exactly the information you are looking for.
We all want to save as much as we can on our tax returns, but it’s even more important to make sure they’re done correctly. Since the rules change every year, it’s very important to speak with a tax professional to make sure you’ve got all your bases covered for any and all potential situations.
Summit Executive Suites has tax professionals and advisors, all who find our suites perfectly suitable for their office needs. If you are a small business professional, we encourage you to come in, take a tour, and learn how we can help with your small office needs as well. It could very well be the smartest investment you will make in 2016!