Get Prepped for Tax Time
Give a gift...to your business!
Give yourself a present this year... and get ready for your 2019 tax time and beyond.
I know, I know –2019 is only a month old but there’s still a huge mess in your office/closet/basement/car or wherever you’ve been stuffing those receipts. Tune in on February 21 at 10:00 am on Mamas & Co. and I’ll help you get everything organized.
Right now, the BEST THING you can do for yourself is to forget about the looming taxes and get so organized that by this time next year you’ll be relaxed and smiling to yourself because you just know that your 2019 taxes are going to be a snap!
Here’s what you need to do:
- Open a separate bank account specifically for your business. I don’t mean a business bank account, often this is unnecessary, and you’ll just pay extra fees. Simply open a new account with your bank and make it your mission to put ALL your business income in it, and pay ALL of your business expenses out of it. Come calculation time, it’ll be a snap.
- Get a separate credit card for your business. Again, I don’t mean a business credit card, which is usually REALLY difficult to get approved for. I mean, pay that extra $50 a year to get a second card on your account and put ALL your business expenses on it. Again, come calculation time, it’ll be a snap!
- Stop paying cash. It’s too easy to lose those receipts.
- A box, a bag – plain, gorgeous – recycled, homemade. Throw all your receipts in there. If you follow 1, 2 & 3 you’ll never need to look in this box, you’ll just have it for back up in case of *GASP* an audit.
- Get a mileage app and start tracking your work mileage.
- Set up a separate Uber/Lyft account, get a separate Presto card, a ‘business’ Green P account –these are easy things to do and make calculating so simple. Plus, you don’t have to rely on your Mama-brain to remember things.
- And finally – this is for those visual people out there - make yourself cute little stickers with your business name/logo on it and stick them right onto the ‘business’ credit card, the ‘business’ debit, the ‘business’ presto –whatever you have set up. Then, when you reach into your wallet, there’s no confusion!
These are a few things you can do which will help you keep your business stuff from getting muddled into your personal.