Have you tried e-file?
Tax time is quickly approaching. While many people dread this time of year, it isn’t that scary if you know what you are doing. One way to make tax time less scary is to prepare your taxes with software. There are plenty of great softwares available that will walk you through the steps to prepare and file your taxes. In fact, you can find several online software options on the IRS website, www.irs.gov.
If you don’t want to do your taxes yourself, you can also check out the irs website to find your local VITA. VITA is volunteers who will do your taxes free of charge, but you must be check to see if you will qualify for the free service.
Tax time may seem scary, but there are plenty of great options available to make the process a bit easier.
Saving your business money
Money is tight for everyone now, but this is especially true for small businesses. Because of the economy, banks are not lending or make it extremely difficult to get a loan. In order to succeed, small businesses need to find ways to stretch their dollars. Check out these great ways to make your dollar stretch a bit further.
1. Shop around to ensure you get the best price.
I like to use http://riveroffers.com/?cogid=frend&refid= to check out prices for internet and phone service. They have great offers for cellphones, calling cards, and credit cards as well. Shopzilla is also a great site for comparison pricing.
2. Check to see if your bank offers additional savings programs.
Many banks offer savings programs or cash back options when you use your business card to purchase items online. When ordering Christmas gifts for your top customers, you can get a nice gift and cash back for your company by ordering with your business card or through your banking website.
3. Company Loyalty Programs
These can also provide additional savings for small businesses. Staples and Office Depot are great examples of companies with loyalty programs that can help your business save.
There are many ways to save money and stretch your dollar further. Take a few minutes and let me know how you save your business money.
Where are your records?
Tax time is rolling around again so what can you do now to ensure a less painful tax preparation this year? The easiest thing to do is keep a record of your transactions. Sounds easy but we all forget to save those receipts or print out those statements.
What records and receipts should you be keeping? Well, did you purchase a car in 2009? If so, keep that receipt as you may be able to deduct the sales tax you paid. Did you buy or sell stocks? You need to know what your basis was in those stocks, which again means that you need to know what you paid for the stock, the commission you paid to purchase the stocks, and any stock dividends you received that were reinvested in stocks. This might not be too bad if you only make one or two stock purchases a year, however, once you reach the level where you buy and sell stocks several times a month, this can be a nightmare.
Other receipts that you might want to save are your medical receipts. For example, you need evidence to show how much you paid for the year in after tax dollars for your medical premiums. You also want to save receipts for copays, prescriptions, and other medical expenses. Many stores make this easier now by showing you at the bottom of the receipt the amount that qualifies as a medical expense.
Do yourself and your tax preparer a favor and keep your receipts and print out and save your monthly statements. You can make life even easier by sorting the receipts and statements out by category, at least you can do that if your New Year’s resolution was to get organized.
Gambling Gets Expensive
The Internal Revenue Service issued a decision this week that casual gamblers recognize wins or losses when they redeem their tokens. This means that if you go gambling for the weekend and have a win on the first day and then lose money on the second day, each time you cash in your tokens is a separate recognition event for income tax purposes. Thus, if you turn in $200 for chips and then walk out with $800, the $600 is your win and must be added as income when you complete your taxes, even if you gamble other times throughout the year for a loss.