Do you have a lot of medical bills that you pay on each month? Could those medical bills be deducted from your tax bill this year? I was helping my mother take care of all of her finances after my dad passed away. I didn't realize how many bills she had coming in each month for medical treatments that my dad had undergone months, even a year earlier. I started doing some research about medical bills and tax deductions. If you have medical bills, take a minute to read through this blog to gain some knowledge that can help you decide what you can do when tax time comes around.
When you are trying to manage your small business, one of the things that you should do is make sure that you hire an accountant to handle your finances. Doing that means that you have one less thing to worry about. There are some easy things that you can do in order to make your accountant's job easier.
Keep Track of Your Receipts
Keeping track of your receipts doesn't mean just tossing them in a box and letting them sit there. What you need to do is make sure that they are all organized. Setting up an organization system doesn't have to be hard. You don't have to break it down in several categories. It can be as easy as putting receipts in folders marked by month, alphabetically, or by type of purchase. The hardest part of the organization program is going to be actually setting it up. Once it's in place, all you need to do is make sure that you put each receipt in its proper place when you get it.
Keep Track of Your Invoices
You need to know who is sending you money. That's the lifeblood of your business. Without any money, your business doesn't run. So, keeping track of your invoices and billables will make it easier for you to know who owes you money, and make it easier for your accountant to track down your income. This organization system will probably need to be a little more complex than organizing your receipts. For example, you may want to put each invoice into several categories so that you can cross-reference as necessary. Those categories may include what month the invoice was generated, who generated it, what the invoice was for, and when it is due. That way you can just pull out what you need by category and easily get what you need.
Keep Track of Available Cash
Many businesses keep some kind of petty cash around. That petty cash is for things like treating your employees to something, getting some necessary, forgotten supplies, or any other small expenses. It's easy to forget to keep track of who took how much out and how much is there. Doing something as easy as keeping a written log so that people can write down how much they took out, when, and what it was for.
Your accountant is a necessary part of your business. They will make sure that you get the money you are owed and that your taxes are handled. Making their life easier means that your life will be easier too. Contact one today, such as one from Don Lamb CPA Inc P.S., for further assistance.Share