Our Orlando tax services professionals ask our clients; How many amounts do you have to pay in taxes every year? Too much, are they not? Do you use an accountant for your business? We suggest that you hire reputed tax services Orlando, and they will help you in bringing down the taxable amounts. For right now, we have a great tip for you: if you are organized, you will make taxes a lot easier yourself.
Proper financial organization is crucial to the success of every business. Until you keep your finances organized, you can never truly capture your profits or the success of your business. Here is one advice with regards to do this.
Keep all the receipts with you
For business owners, using tax services in Orlando, this is a really important point. The IRS demands a proof of everything; your earnings, your expenses and the like. If you ever have to face an audit, you will be glad you have all these documents with you.
So whichever receipt you are using for your business, keep it with you for at least three years. If you are short of space, you can keep a soft copy. Still not enough space? Go for the cloud, but store all receipts because most of them do mean deductions.
We cannot emphasize this more in our Orlando tax service office. With so many receipts, it becomes difficult to remember the purpose behind it. When you get the receipt, write down this on it. That way when you are going through them later on, you will remember they were meant for business. As an example, if you are dining with a client, you can use this as a deduction, but be sure to write it down on the receipt as well. The same can be said if you are traveling for some business meeting.
We already talked about this. Keep a soft copy for all your receipts, and keep them with you for at least six years. Also be sure to create a backup. In fact, create two or three of these. The IRS will never listen to any of your excuses when you tell them your hard disk crashed or you lost it.
So scanning takes time? No problem, you do have a phone with a camera, do you not? Just take pictures, and that is it. Once you do this, you can even throw away the receipts if you want. There are so many apps that will help you out with this.
Use an accounting software
We know so many business owners who refrain from using a proper accounting software. This is not a great idea. An accounting software has so many advantages in terms of your bookkeeping and taxes. It makes things really easy for you and saves a lot of time. Search the market and you will come across a number of programs that have a simple interface and are fairly easy to use.
Practice the above. If you face any problem, take help from reputed tax services Orlando.
If you need more information about our Orlando accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt.