Editors note: We are not tax advisors. The tips below are offered for informational purposes. Please consult with your tax advisor or attorney regarding your business.
With the upcoming year just around the corner, it’s time to start putting together your end of the year strategy when it comes to your taxes. Now is a great time to figure out how your business expenses can be categorized for maximum savings. Here are some end of the year tax tips and deductions that can help your process serving firm save.
1. Maintain Your Records!
The IRS recommends keeping accurate records, whether it’s regarding sales, payroll, purchases, and other expenses, as well as supporting documents.
What Are Supporting Documents?
Supporting documents range from invoices, paid bills, and sales slips to receipts, deposit slips, and even canceled or void checks. These documents will support your records, book entries, and ultimately what you put on your tax return. Keeping these documents organized and safe is crucial, and the IRS recommends organizing them by year and type of expense. This will make the process go much more smoothly should you ever be audited.
Types of Records The IRS Recommends You Keep
The IRS has a lot of great information on what types …read more
Source:: Private Invest