Business Tips

November 15, 2012 In Business Tips, Management Tips, Time Management Tips

Five Things You Can Do to Make Tax Season Smoother

We know we’ll never make tax season your favorite time of year, but perhaps we can make it easier.  Here are five things you can do now to smooth out the time required to pull your records together for your tax preparer.

1. Contractor Clean-up 

In preparation for 1099s, take a look at your vendor list now and identify who should receive a 1099.  Perform a mini-audit and ask for any W-9s that are missing so you can plug in your tax IDs without scrambling at the last minute.

2. Check or PSE

Also in preparation for 1099s, you’ll need to break out payments made to vendors by check versus by credit card, third party or what the IRS calls PSE, payment settlement entity.  You’ll only need to issue 1099s to vendors you wrote checks to.

3. Calculated Moves

Is there anything you can calculate in advance of crunch-time?  If you had loans, you can secure the appropriate amortization schedules.  If you have depreciable assets, some of these schedules can be prepared ahead of time.  Did you sell any major assets?  A summary of the transaction can be prepared and ready to go.

4. Playing Catch-Up

If you are behind in your bookkeeping, filing, bank reconciliations, or other accounting chores, it’s a good time to get caught up so all the routine stuff is out of the way.

5. Getting Organized

When the year ends and the tax documents start arriving, place them in a special folder or stack so that all the papers are together.  Scan them in and place them in a specially labeled folder on your PC.  You’ll be more organized than ever.

When all of the mundane items are completed early, it leaves time for the more important conversations, such as discussing new ideas for tax reduction, ways to operate your business more efficiently, and planning for your future.

If we can help make your tax and accounting tasks easier during any time of the year, please reach out and give us a call.

Monthly Archives

Categories

  • Accounting (33)
  • Bookkeeping Tips (16)
  • Business Development (47)
  • Business Tips (85)
  • Cloud Accounting (2)
  • Cool Tech Tools (6)
  • Cost-Savings Tips (16)
  • Customer Service Tips (11)
  • Decision-Making Tips (5)
  • Expense Reduction Tips (7)
  • Management Tips (40)
  • Payroll Tips (5)
  • Profitability Tips (20)
  • QuickBooks Help (2)
  • QuickBooks Software (2)
  • QuickBooks Training (1)
  • Social Media (4)
  • Tax (1)
  • Time Management Tips (16)

6965 El Camino Real #105 PMB 683, Carlsbad, CA 92009 | 408-550-4325 | support@sandismith.com

Copyright Sandra L. Leyva, Inc. 2020 | Legal | Privacy | Cookies

We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By clicking on or navigating the site, you consent to our use of cookies. Accept Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.