| rocess of preparing your taxes every year can be | | | | browser); or print out your reciept. A printout takes a |
| daunting. Each April, it seems as though the deadline | | | | bit more time to print and file, but some people feel |
| pounces out at you and leaves you next to no time to | | | | more comfortable in case of a harddrive crash. |
| find the paperwork you need and file your return. | | | | Remember the saying when it comes to taxes: "no |
| However, with the right LLC tax preparation | | | | reciept, no deduction". Taking the time to quickly print |
| techniques, you can bypass that confusing routine and | | | | and file reciepts for your LLC's online purchases can |
| make sure your paperwork is in order for the next | | | | avoid losing valuable deductions in case of a harddrive |
| year. | | | | crash or other equipment failure. |
| By establishing a system that organizes and outlines | | | | Tracking Transactions |
| your LLC tax preparation tasks come tax time, you | | | | You should also keep a file in your cabinet that holds all |
| won't spend nearly as much time worrying about | | | | tax related forms that may not fit anywhere else. You |
| getting your things in order. Entering your data over | | | | can place donation receipts, thank you letters, or early |
| time and having all of your paperwork in a central | | | | 1099s here for future reference. In small business tax |
| location as well as a second, backup location, you can | | | | preparation, having those forms in one place can save |
| avoid having to spend a large chunk of time in April | | | | you vast amounts of time. |
| making up a year's worth of work. | | | | Also, by marking the business related transactions that |
| The Right LLC Tax Preparation System | | | | appear on your credit card and bank statements, you |
| The first thing you need to do is to look at your | | | | can easily go back through and find the appropriate |
| existing method of preparing your taxes. Does it | | | | information when the time comes. You should |
| work? By "work", I don't just mean finally getting your | | | | download these statements to your desktop every |
| taxes done. I mean, does it stress you out so much | | | | month before the bank or creditor deletes them from |
| that it ruins days or weeks of productive work in | | | | their database. |
| worry, panic, etc. If so, then ask yourself which | | | | Keeping Information on Hand |
| aspects are causing you the most stress. When you | | | | Keep a database and spreadsheet with all relevant |
| start planning a new method, knowing what you need | | | | information updated throughout the year. Mark tabs |
| to change first helps immensely. | | | | within your spreadsheet for different parts of your |
| Receipts | | | | return such as "Schedule C Business Expenses" or |
| Organize your receipts according to how they were | | | | "Schedule A – Donations". Track your expenses |
| used. Try creating folders or envelopes that you can | | | | here so that you can easily make final tallies when you |
| keep in your desk. When you get home every day, | | | | start small business tax preparation. |
| empty all of your receipts from your wallet directly into | | | | Store all of your prior years' tax information in a |
| these envelopes. You should also keep similar | | | | second cabinet or box. This allows you to have all of |
| envelopes in your car or workplace to make sure you | | | | your important tax information on hand when you |
| are never tempted to throw a receipt away. Write | | | | need it, saving you large amounts of time next year |
| directly on the receipt whether a purchase is for | | | | when comparing returns or gathering old information. |
| "home" or "business". | | | | Using these techniques and ones developed by |
| For businesses that make a lot of internet purchases, | | | | yourself for your specific business, you can save vast |
| you ought to either save the electronic file to your | | | | amounts of time during tax preparation next year. |
| harddrive (use the "save this page" button on your | | | | |