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As a small business owner, you have lots to do as you come closer to the end of the year. The last thing on your mind is most likely filing income taxes for your small business or corporation. Heck, they’re not due for months yet. The sooner you put your mind to organizing your financial records for tax purposes, the smoother the process will be and, most likely, the more money you’ll be able to keep in your pocket when it’s all over.

Here are some things that you can begin to organize now to get a jump on the taxman:

Get caught up on your bookkeeping. Making sure that you have organized and recorded all of your sales and expenses you’ve incurred year to date will help you avoid any last minute faxing of receipts to your accountant. You can’t claim expenses for which you haven’t kept receipts.

Pull all of your receipts for home office expenses if you qualify. You are able to claim home office expenses in most cases if your home office is your main place of business or if you regularly and consistently see customers there. You will apply the percentage of your home that your home office takes up to your actual house expenses, such as heat, hydro, mortgage interest, and property taxes. Make sure you have copies of all of those bills for the year to assist in this calculation.

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Written by: Angie Mohr
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