Is all your paperwork in order for tax time? There may be a few tips you did not think about when preparing. Be sure to check our list for advice from AGRR company owners before you file on April 15, 2015.
1. Ensure you keep good records.
Frank Thomas of Thomas Auto Glass in Phoenix says his company utilizes an accountant to file taxes rather than do the paperwork themselves, but all the recordkeeping is done in-house.
Kenny Stewart, owner of Kenny’s Professional Glass Mending in Thibodaux, La., also does his own recordkeeping and turns to an outside accountant to prepare and file his company’s taxes.
Good recordkeeping is important, he notes.
“Don’t take any shortcuts on anything and keep your records organized,” Stewart says.
2. Go over your personal accounts for unreimbursed business expenses.
If you own your own business, pull your personal bank account statements, recommends Dominique Molina of CertifiedTaxCoach.com.
“Sometimes it’s hard to tell where we stop and our business starts,” she says. “Chances are you’re going to find some unreimbursed business expenses. Oftentimes, when I run out, I’ll put something on my personal account for my business without even thinking about it.”
3. Keep track of charitable donations.
Does your company donate to local or national charities? So does Thomas.
“We donate a lot of money to charities. We try to keep good track of those donations throughout the year so when we prepare taxes, we have a very accurate dollar amount to submit,” he says.
“When we write checks for charities, it’s in a different categories than incentives. It’s beneficial both for business and for the community,” he adds.
Looking for deduction ideas? Check out a list of suggestions by BankRate.com here.