By Evan Vitale
I can hear the groans from individuals and business owners already as tax time is here. However, there shouldn’t be any worry or pressure during tax season as long as you have prepared and have some professional help on your side.
Here are some tips that can help you – and your accountant – as you look for some final deductions and keep track of important papers. This would include:
- Automobile deductions. Remember, if you are traveling for business, you should be getting deductions. Now, regular commutes from your home to your office don’t count, but when you are traveling to see a client, you should be tracking mileage for those visits.
- Forgotten expenses. Sometimes, business owners don’t keep track of those little miscellaneous expenses when purchased on the fly for their business. Think about it. How many times did you stop at the office supply store and purchase paper, tissues, cleaner, etc. for your office? Those items add up. Find those receipts now and get into a better habit of keeping track of your expenses year round.
- Conferences and training. Don’t forget any business conferences you attended for your company or additional training you’ve taken or provided for your employees.
When in doubt, talk to your professional accountant about possible deductions. Ask him/her about items you may have missed or have questions regarding certain deductible expenses.
Don’t wait until the deadline of your tax returns! Start collecting your information early and have a quick conversation with your accountant so you’ll have plenty of time time to get everything to him/her so they will have adequate time to prepare your returns.
Once your accountant has prepared your returns, always remember to review it before signing the proper documents and filing them. In some cases, your accountant may set up a time to go over the returns with you before you file.