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Bookkeeping Tips To Prepare Yourself For Filing Taxes

Are you always managing bookkeeping tasks? If that’s the case, then you shouldn’t miss out essential information but make the entire process less stressful. So, if you are preparing yourself for taxes, then here are some of the things for the bookkeeping checklist. Contact the QuickBooks tech support team in case you haven’t used QuickBooks earlier.

File for an extension

When you come to know that the books are in a mess, you need to file for an extension. This would give you additional six months to prepare yourself. However, you must make sure that you pay the taxes on time. Estimate the amount, make the payment accordingly and then start working on the tax returns. In case you think that you can’t pay before the deadline, then pay whatever you think you owe. You can stay carefree while you are filing the returns and make amendments at a later instance.

Organize the financial records properly

Right from the payroll to the expenses, you should track financial records and organize them in a better way. Ensure that you segregate everything under different categories such as payroll, business travel, independent contractors, equipment expenses, utilities, office supplies, charitable donations, marketing costs, and income from different sources. To perform the task, you can use a spreadsheet to enter information as per the categories. Don’t forget to check the personal-credit card statements and identify the receipt just in case you aren’t sure if you have missed a business expense.

Review the expenses thoroughly

Once you are in a better position to organize financial information, you need to review the expenses and make a note of the credits and deductions. While QuickBooks can help you update the books and prepare for the tax season, you can gain insight and know what you need to pay by consulting a tax professional. If you are going to use the software for an analysis, then make sure you have installed the updated version or upgraded the existing application.

Even though filing for an extension aids you to know more about the taxes, filing the returns without the need of amending it can take a lot of time.

Finally, once you are busy with the bookkeeping tasks and have the right system in its place, you should plan for the forthcoming years. You can either organize receipts in a file or store digital copies by scanning them one after the other. It’s then essential to sort the receipts so that you don’t utilize time later.

If you don’t have an accounting software, then you should purchase a program like QuickBooks. Apart from keeping a track of the financial information, the application lets you manage inventory, generate invoices, and manage payroll. If you are running a small-scale business, then you can use QuickBooks to pay bills. To resolve issues related to the accounting software, get in touch with the QuickBooks error support team.

It’s always better to use TurboTax, enter the details and generate a Balance Sheet or a Profit and Loss Statement. This is only possible when the accountant is able to access the QuickBooks Online file. To know more, you can search on how to manage users for QuickBooks Online.

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