What’s Ahead with the IRS?
If anyone knows the answer to that question, please contact us immediately! Humor aside, all of us are awaiting the latest moves by Congress to reframe tax law. In the current economic and political situation, the rules can change quickly and have significant impact on taxpayers. Already, we are seeing clarifications and interpretations of many areas that affect small businesses, and you can expect some deductions to be expanded or eliminated.
We urge you to contact us with questions about your own personal situation. Business owners, retirees, disabled persons, and taxpayers of all kinds can benefit from the advice of a qualified tax expert. There are lots of rumors flying around about tax breaks, tax incentives, and loss of deductions. Don’t be caught up in the media frenzy. Only your tax advisor can offer the knowledge and reassurance you need to deal with the changes ahead.
Insider Tax Tips
One of the biggest pitfalls small business owners face is managing the paperwork their company generates. It can be a headache at times, but good recordkeeping can make the crucial difference between success and disappointment – especially at tax time. So many variations in the tax code from state to state or year to year make it very difficult for business owners to navigate the maze, but you can get ahead of the game by training yourself to keep a daily record of your business activities.
The first step is to organize. Whether you have mastered a sophisticated software program designed to categorize and maintain inventory or if you write things down in a notebook, the key is to be sure you discipline yourself to make a daily accounting of your business day. Sales, returns, shipping, expenses, inventory and employee activity should be recorded as it occurs. If you put off your daily recordkeeping chores, you may find yourself swimming in paperwork within only a few days! Trying to “catch up” at the end of the month can be problematic, since daily activities and issues can demand your attention and cause you to “forget” the important details that led to the newest crisis.
Keeping your business prospering and attentive to trends and new ideas is your most important task as an owner; one way you can do this is to know every detail of your day-to-day operations. It’s almost like keeping a diary: your diligence in recording information will serve as a handy tool when analyzing trends or developing market strategies. When an important business decision or tax time arrives, you’ll be ready with information that can save you both time and money.
At Blodgett & Company, we speak the language of business because we’re a small business, too. Let us help you with our years of experience and expertise. You’ll discover great ideas and a fresh approach to making good recordkeeping the foundation of your business success. Come in and talk to us: we’re ready to listen.