Article By: Christine Roberts
Contributing Writer

Attention ATTENTION!! Y’all I am about to date myself with this fun fact.
I did my first tax return when I was 19 years old! I received my W2 and picked up my paper tax
form from the post office!

Now granted the return was a mere few thousand dollars, I had no deductions or dependents,
but my friends I did my own return! That thrill was short lived as I quickly figured out that I had a lot to learn. More than a few years later and many hours of learning through error and
education I am here now to share with you lovely ladies my best practices for pulling your
documents together for tax time! Best of all many of these tips can be applied to both your
business and your personal life.

In the whirlwind of running a business and a life one crucial aspect often overlooked is the
meticulous organization of financial records. Neglecting this can lead to chaos, unnecessary
expenses, and even legal troubles down the road. Here’s a quick and dirty guide to help you
navigate the maze of financial record-keeping and ensure it all stays on track.
The cornerstone of financial organization begins with diligently collecting and storing receiptsand invoices. These documents serve as your golden ticket to financial clarity. Serving as evidence of transactions and is indispensable during audits or when claiming deductions. Some of my favorite apps to store receipts for businesses are Wave, and QuickBooks. I love these two for businesses specifically because you can attach the receipt directly to the expense.
If you need one for personal use, I like Expensify and Smart receipts. Beyond hoarding receipts in shoe boxes, it’s imperative to maintain precise records of all expenses. This includes categorizing expenses, noting payment methods, and recording dates to provide a clear picture of your financial landscape. If you do a lot of driving for your employer or yourself my personal go to for a mileage tracker is the app Stride. Just remember to push start on the app!

In this digital age, salvation comes in the form of accounting software. Say goodbye to the days,of drowning in paperwork and hello to a world of streamlined efficiency. Embrace technology to,streamline your record-keeping process. Accounting software offers features like expense,tracking, invoice generation, and financial reporting, empowering you to manage your finances,with efficiency and accuracy. With just a click you can whip up financial reports faster than you,can say “tax season.” In today’s cloud technology landscape, protecting your electronic data is,more crucial than ever. Employ secure backup solutions to shield against potential data loss,stemming from technological hiccups or cyber vulnerabilities.

Now, let’s talk about everyone’s favorite topic: tax deductions. From the mundane to the
magnificent, every expense counts towards lightening your tax burden. But beware, friends’
knowledge alone is not enough. You’ve got to document, document, document! Keep those
records detailed and pristine, lest Uncle Sam come knocking. Maximizing Tax Benefits by
Identifying eligible expenses. Familiarize yourself with the myriad of expenses that qualify for tax,deductions. From office supplies to employee salaries, student loan interest to home office,expenses knowing what can be deducted can significantly reduce your tax burden.
Who else loved a good filing system…only Me!?? It’s not enough to be aware of deductible
expenses; meticulous documentation is key. Keep detailed records of each deduction, including
receipts, invoices, and supporting documents, to substantiate your claims during tax filings.
Establish order amidst the chaos with a structured approach to document organization.
Implement a systematic, structured filing system that organizes documents logically and
facilitates easy retrieval when needed. Trust me, if the IRS comes calling, you’ll thank your lucky,stars for your impeccable filing skills.
But wait, there’s more; get the wise counsel of tax professionals. Financial experts hold the keys,to unlocking the complexity of taxation. Choose wisely, collaborate effectively, and reap the,rewards of sound advice and peace of mind. Selecting a qualified and reputable tax professional,is essential for receiving sound advice and maximizing tax benefits. Foster open communication,and collaboration with your tax advisor to ensure they have a thorough understanding of your,business, personal, and financial goals.
Entrusting your tax-related matters to professionals not only relieves you of the burden but also,provides peace of mind knowing that your taxes are handled accurately and in compliance with,regulations. Financial documentation is a living entity, constantly evolving with the ebb and flow,of your business and life. Schedule regular reviews and updates to maintain the accuracy and,comprehensiveness of your records, ensuring they align seamlessly with your current status.

So there you have it, a solid starting point. Armed with wisdom, and a dash of technology, you’ll navigate the document gathering with grace. BUT BEFORE I GO …
let’s mark our calendars. Missing deadlines can lead to penalties and headaches, so here are the,key dates you need to remember for tax year 2023:

Tax Year 2023 Filing Deadline:,- April 15, 2024: This is the deadline for most businesses and personal tax filers to submit their,returns.

Extended Deadline with Extension Request:
– October 15, 2024: If you need more time, you can request an extension, but make sure to file
by this date to avoid penalties.

Quarterly Estimated Tax Payment Due Dates:

– April 15, June 15, September 15, and January 15: Keep these dates in mind if you’re making
quarterly estimated tax payments.

For S Corporations:
– March 15, 2024: This is typically the tax filing deadline for S Corporations. However, remember that circumstances or extensions may affect this deadline, so it’s wise to consult with a tax professional for accurate guidance.

As you start your journey to financial organization, remember that meticulous record-keeping is
not merely a chore but a strategic investment in the success and sustainability of your business. By adopting these best practices and seeking professional guidance when needed, you can navigate the complexities of financial management with confidence and clarity. Here’s to
mastering your finances and conquering tax season like a boss!