Monday Roundup: Tax tips for small business
Some great things are happening in the blog world - just in time to help you with your own tax preparation.
Kicking off the roundup is Shannon Cherry’s post about the five steps to surviving the tax season. Some great advice - plus a mini-interview with my favorite bookkeeper, Jessica Salzman.
Next, the TaxGirl gives suggestions for organizing your taxes this year. You won’t find better or wittier advice in the tax world!
Check out this post from Sharon McLoone at the Washington Post about How ‘07 Changes Affect Small Business. Definitely worth a read - looks like the US government is starting to realize how important small business is to economic stimulus. Good times.
Last, if you haven’t found one yet, Darrell Zahorsky at About.com has tips on how to choose a good accountant for your small biz - just in time to file your taxes on time. (My own accountant had them done in just a few days.)
Do you have other resources or ideas about tax preparation for small business?
Tags: Organize, small business, tax, taxesRelated Stories
POSTED IN: Finances organized, Monday roundup, Taxes organized
2 opinions for Monday Roundup: Tax tips for small business
Luke A.
Mar 18, 2008 at 3:39 pm
Being an accountant, and an X-Tax prepared, I’ve suffering through a few tax seasons for some of my clients. Jennifer, the best suggestion that I could offer your readers is to stay organized through the year. Unfortunately, most entrepreneurs think that record keeping or bookkeeping are for tax preparation only. FALSE! Keeping good records throughout the year help you make better business decision…and yes they do help your accountant. I’ll be the first to admit that bookkeeping is boring and dull, taxes are dreaded and avoided and most accountants are boring, dull, dreaded and avoided. But don’t let this keep you from diving in at least weekly and writing down those few entries on your yellow legal pad, just so you can stay organized.
Jennifer Hofmann
Mar 18, 2008 at 9:26 pm
This is great advice, Luke. I agree that there’s more to record-keeping than filing taxes. If a CFO pores over a corporations’ financial statements, why shouldn’t a small business owner?
In any case, the adage about “an ounce of prevention” holds true when it comes to bookkeeping. Thanks for the good reminder.
Now Luke, just promise to stop by again after tax season’s over and give us the hint again, okay? (We’ll need it.)
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