It’s March, and for most businesses, this means the end of another fiscal year, and time to get ready for filing your taxes. Getting all the documents together, the numbers tallied, and those taxes filed can be a chore. Today, I’d like to share a few tips on how to make it a bit easier… and how you can save taxes too.
1) Organising the paperwork
First, you need to organise your various documents and receipts. Sure, you may have most of your receipts on the computer, but sometimes it’s easier to sort the information if you print it out so you can look at it and then sort it into folders and envelopes.
Besides, not everything that’s tax deductible resides on your computer. Whether you buy the occasional deductible item in the supermarket or have receipts from business lunches and other events, you probably have quite a few paper receipts. Those can be gathered in envelopes and folders.
2) Save Taxes by including everything you can deduct
Of course, you probably remember to include all the obvious things, and your accountant will remind you too. But don’t forget the extras, for example the conferences and networking meetings you’ve attended, along with all the associated expenses.
Also be sure to remember industry-related magazines, calendars, membership dues, coaching and consulting fees, as well as any deductible mileage. If you’ve donated to charity, make sure you include that too.
3) Have the organising tools on hand
Be sure you have everything you need, so you don’t have to interrupt your work to order (and wait for) any of the organising tools. You also don’t want to lose any receipt by having them fall through the cracks or get lost altogether.
Here are just some of the tools you may find useful: lever arch files, other files, file boxes, envelopes, labels, markers, highlighters, notebooks, storage boxes, organisers, paper clips, fold back clips, clear tape, a stapler and staples, pencils, pens, erasers, pencil sharpeners, as well as ink cartridges.
4) Save Taxes by planning ahead
Of course all the tools mentioned above are tax deductible, along with many more items you may buy for your office, including, yes, coffee for the break room, a new supplies cupboard, chairs, printers, and more.
In addition, if you haven’t gotten around to updating your business cards, now would be a good time to do so, and get new letterhead and envelopes as well. You could also stock up on promotional gifts to hand out at events, along with new brochures.
If you pay for these items before the end of the month, you can save taxes by deducting them this year and getting part of your investment right back. If you wait until later, you will also have to wait until 2018 before you can deduct them.
5) Save time with our one-stop shop
Finally, the last thing you need is extra busywork. Why not save time (and money) and order it all at once from your trusty one-stop shop? We’ll be happy to help you make the most of the opportunity to save on taxes. Just call us on 0800 007 5566, or use our Live Chat anytime during business hours.