Tax Season Best Practices For a Smoother 2017
Whew! 2016 Tax Season is in the books...well for most of us. Every year there are people/businesses who file extensions. Every year I hear over and over again, "What can I do to make next tax season seamless?" Well here are my best practices:
1. Review: Start by Reviewing your 2016 Tax return. Learn how things are grouped.
2. Abundance: Move money from operating account into a savings account to save to tax dollars due for next year or estimated taxes. Moving it out of the operating fund will help you to not spend it frivolously. Out of sight, out of mind.
3. Document management: With QuickBooks online you can attach documents to your transactions. Really handy when you need to refer back to a transaction. No more looking in a file. It is at your fingertips.
4. Analyze: Review the prior period and compare to the current year. Really helpful in budgeting or containing costs.
5. Reconcile: This is not in the video, but very important. Reconcile your accounts. Do this to be sure everything is accurate. Bank feeds are not a perfect science.
I'd love to hear your comments or maybe add to my best practices. Feel free to share your thoughts on my Facebook page.