Tuesday, November 20, 2012

The tax year is almost gone...so, get ready!

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No, my friends and followers, I am not dead yet and I am here to stay, so for the ones that were already celebrating, I tell you I fell great and almost 100% recovered. Thank you for your emails and messages from all over the world. I really appreciate them.
It is November and as we are getting closer and closer to the New Year, I cannot think of a better idea than to start to get ready for Tax season, individuals, companies, individuals with businesses, etc.

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Usually I came across people that have a complicated organization system, mainly because they don’t have any, bookkeeping should not be that difficult, it should only record what is important for your tax preparation nothing else.

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Some people ask me how to get organize; it is not difficult at all. If you are just starting, you have so many choices nowadays; from the simplest excel spreadsheet to the more elaborated accounting software.

If you are in a small business or thinking to start one, I suggest to record your income and expense with excel every month, and also save your receipts and invoices in order just in case you need to get to it.

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However,  if you want to be a bit more organized than that, I suggest getting any of those accounting software at the local electronics store. I have used QuickBooks, Peachtree, and those are not expensive nor difficult to use at all, I remember paying like $80.00 for my very first accounting software, and the cool part of it is that not only you can record all your transactions on it but also you can scan your invoices and attach them into the software, so you always will have access to your invoices and when you are done in the year, it will give you a nice and well organized Financial Statement that will ease a lot your income tax filing, and will keep all  your expenses in track.

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What I have discovered as well is the fact that these financial statements also help you to point out the unnecessary expenses so you can avoid them in the future.

So, please do not wait until the last minute to have all your tax forms ready, all your income and expenses ready for the business owners.