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Get Ready For Tax-time Now to Save Time and Stress Less Later

Topic: Managing Your Business,Taxes,Videos | Comments Off on Get Ready For Tax-time Now to Save Time and Stress Less Later

Posted on November 20, 2009 by workingpoint

taxesWith the end of the year fast approaching, it’s time to start thinking about taxes and what you can do to prepare now to make tax-time smoother come January 1st. As a small business owner, you have lots of taxes to keep track of: federal and state estimated and actual income tax, sales & use tax, and 1099s, to name a few. It can be difficult to keep them all straight. WorkingPoint can help make preparing for tax-time less work and less stressful.

Here’s Some Things You Can Do Now to Start Preparing for Tax-Time:

Catch Up on Entering Your Bills and Expenses

With everything you need to do to keep you business running, it’s easy to fall behind on entering your bills and recording receipts for purchases. If you are like a lot of small business owners, you schedule your appointment with your accountant and then you stay up way too late the night before – scrambling and stressing – trying to find receipts and enter them into your bookkeeping system or just so you can turn over your shoe-box of receipts.

But it’s worth it to make time to do it so your records are up-to-date. And now is a great time to get caught up. With WorkingPoint, all the information you enter is translated into easy-to-understand dashboard widgets and reports so you’ll be in a better position to make good decisions for your business today and you’ll have professional, quality reports your accountant can use to do your taxes next Spring.

Consult Your Accountant Now Before They Get Into Full Swing after January 1

Your accountant/bookkeeper knows your business intimately, and they know the current tax law in your state for your industry. Why not schedule a short appointment now to review your question with them before its time to file taxes? Come January 1, tax season will officially kick off which means they’ll be booking up fast and fielding a lot of tax inquiries and their work loads go up dramatically and sometimes their prices right along with it.

Before filing your taxes, review with them any bookkeeping activity you have questions on, like how to categorize a particular expense. You’ll learn how to handle the situation in the future and you’ll be able to make any changes to your current year’s activity before you file.

If you are afraid you’ll forget to consult your accountant on an expense, create a new expense account called “Ask Accountant” and add the questionable expense to this account. From the comfort of your office or theirs, you can log in to your WorkingPoint account and review together all activity in that account with your accountant and based on their recommendation, move the activity to the correct accounts.

Start Tracking Your Contacts for 1099 reporting

Our new 1099 report helps take the work out of tracking payments made to 1099 eligible companies and individuals. We’ve made it super easy to flag companies and individuals and with one-click, run a 1099 report showing how much you’ve paid them so you know who to send a 1099 to.

Before the end of the year, select the contacts you want to track for 1099 reporting so you’re ready to file your 1099s and 1096 reports.

Watch this short video on how to select a contact to be included on the 1099 report and how to run it.

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