Administration

 

Planning Ahead
by Belinda Smith, Office Manager

This time of the year, after tax season, I recommend preparing for next year’s tax season starting now. As independent contractors, you are your own business and record-keeping is an important part of running your business. If you begin the year developing your tracking methods for business expenses, vehicle and mileage records and other deductions your preparation for filing will be much simpler, accurate and less stressful.

Tax law allowances for some business expenses, like meals and entertainment, have changed for 2018, so I would recommend doing some research or attending a seminar on the changes so that you know what is now allowed. I also strongly recommend using one of the many programs or apps that are available to help you keep track of your expenses, records and receipts and mileage logs and have them available and organized when it comes time to file.

One of the best, in my opinion, is Taxbot (taxbot.com), which, for a small monthly fee, gives you the ability to record and store your expense receipts, track your business mileage using your phone’s GPS ability and gives you detailed reports for your accountant to use in preparing your return. The reports and records are also accepted proof if your returns are ever audited.  There are many others out there, but I would encourage you to check them out, choose one and use it faithfully to help you with running your business efficiently.