Tax Checklist

So it’s Tax season.  Some love it some hate it.  For business owners, Tax season can be a major headache.  But if you are were organized for the entire year.  Then all you have to do is pick up your tax file and send them right over to your accountant or preparer.  

Divinity compiled a tax checklist.  To help you be better prepared for the following years.  Of course, you can use the checklist to help you prepare for this year.  

Organize you Receipts
It’s simple!  Start organizing all of your receipts right away.  Especially if you have a kept all of your receipts in a big box, drawer or in your wallet.  Try to place receipts in a file folder according to the date.  That way they will already be organized come the following year. There is excellent accounting software out there to help you get organize.  http://quickbooks.intuit.com/

Establish a 2010 file & 2011 File
Keep all tax documents from 2010 separate for 2011.  Again, organization is highly important.  Create a file on your computer and in your file cabinet label one 2010 and the other 2011.  Remember, it’s all about simplicity.  

Get Your Books in Order
Sit down with your accountant and check over your balance sheet and profit and loss statement. Make sure you verify accuracy and correct any errors.  This is also a good time to figure out ways to cut back on expenses and plan for the following year.

Did you write down your Mileage?
Please remember if you are using your personal vehicle for business you must track the mileage.  IRS requires that you track your mileage from January 1- December 31.

Plan for 2011
There are a lot of tax laws that will be changing this year.  Please visit www.irs.gov for the updates.  The tax changes will affect your business and how you file for the next year.  


If you anymore questions and concerns contact us www.divinitymarketing.webs.com.  We will be happy to help.  

Plan. Launch. Succeed.