The IRS is offering a free phone forum on October 22nd called “Recordkeeping for Small Business Self-Employed Individuals. The site states that you will learn what books and records are, why they’re needed, who should have them, and how long they should be kept.

You can register for one of three phone sessions here. You’ll need to sign up by October 17 for one of these call times:

10:00 a.m. (EDT); 9:00 a.m. (CDT); 8:00 a.m. (MDT); 7:00 a.m. (PDT)
1:00 p.m. (EDT); 12:00 p.m. (CDT); 11:00 a.m. (MDT); 10:00 a.m. (PDT)
4:00 p.m. (EDT); 3:00 p.m. (CDT); 2:00 p.m. (MDT); 1:00 p.m. (PDT)

For other tax-related information for small businesses, try the IRS Small Business Resource Guide.

[teleclass info via: Monica Ricci]

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Do you have any “I’m never going to do that again” resolutions? Are you feeling content because you’ve already got your rebate check – and you’re planning a repeat for next year?

As a business owner, what did you learn from this last tax cycle?

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Jennifer Hofmann is the queen of organization here at My Organized Biz, so the pressure was on when she asked me to help with one of her own organization issues.

Jennifer sent me a photo of her receipts piling up and said -

I can’t get myself motivated to enter my receipts. The picture features my system of sorting them, but it’s not working because they’re now piling up on my desk.

Seriously, it’s embarrassing, but I haven’t put them in my Excel spreadsheet since the end of January. And every time I try to use the desk, I have to shove them around or try to ignore them but it’s not working.

In a perfect world, I’d enter them regularly, like weekly. But I am so busy it’s just not happening. I’d love some ideas about how to make it more fun, less painful, or just have them disappear into thin air.

My Suggestions:

My first suggestion is to minimize the number of receipts you need to deal with by -

• Direct debits – For regular expenses e.g. phone, internet, mail etc. see if you can get your bank to direct debit these from your account so the payment goes through the bank.
• Credit card payments – For non regular purchases, use a credit card, but make sure you pay it off before the interest starts to kick in so it is cost neutral. Both direct debits and credit card payments will show on your bank statement so you have the details without the receipts.

For the remaining receipts –

Instead of letting them pile up, put them straight into an accordion file or 3-ring binder with pockets, divided into suppliers and/or date order. They will be in order ready for you to enter them on your Excel spreadsheet when you are ready.

They will also be off your desk, and out of sight, which may help both space wise and psychologically.

If you really hate this task, and thinking about it is affecting productivity, would you consider outsourcing to a virtual assistant? If you can’t justify the expense, maybe there is a task or service you could barter as a swap.

Have fun, Jennifer. I look forward to the “After” photo when you have tamed those pesky receipts.

Yvonne Russell is a freelance writer and professional blogger at Grow Your Writing Business, Small Biz Mentor and Home Biz Notes.

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At Yielding Wealth, Miranda’s got a fun video feature that captures my heart – and the essence of my own financial values.

Miranda also wrote a post called Me and My Cash Flow Problem – where she discusses a financial mistake she made and shares a lesson we can all learn from.

On TaxGirl, Kelly gives us the DL on health insurance premiums and how to deduct them. This is an oft-overlooked writeoff so check it out.

At StartupSpark, Shannon starts a conversation about business insurance – and how it can CYA in a dire situation. Chime in with your insurance experiences.

I love just about everything Glen at LifeDev writes, but this post is exceptional (I mostly wish I’d written it myself) and highlights the 10 ways history-makers kept focused.

And lastly, lively conversations about taming email continue at HomeBizNotes and The Golden Pencil – with great tips and ideas from all sides.

This weeks featured blog: Pimp Your Work. I must admit the name turned me off initially, but I spent some time checking out the content and was impressed. Get great info about how to make your work easier and your day more enjoyable.

Check out Celine’s suggestions for taming email (what a theme we’ve got going!) at Pimp Your Work.

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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?

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If you want support, Kelly Phillips Erb’s TaxGirl blog is your answer. Ask questions and get witty, useful suggestions that are easy to understand.

Here’s a great recent post she wrote about claiming medical and dental deductions.

The clock is ticking… How far have you gotten on your 2007 taxes?

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Creating an organized business means that you can lovingly care for your financial health – including what’s owed to the government.

Today, I’m happy to be featuring an interview with Jessica Reagan Salzman, owner of Behind the Scenes LLC which does virtual business bookkeeping for people who are tired of being in the dark when it comes to money matters.

Jessica has also been called “the marriage saver” because of the assistance she has provided to husband/wife owned companies and the amazing difference it has made in their lives. As a home-based business owner herself, Jessica understands the unique advantages and challenges of running a business from home.

Jen: Welcome, Jessica! This has got to be the Season O’Stress for business owners. Let’s start by talking about why do you think people get so overwhelmed during tax season.

Jessica: I think most people end up overwhelmed during tax season because most people put off things that aren’t fun or enjoyable. And last time I checked, most people don’t find the process of filing taxes to be fun or enjoyable!

It’s easy to end up overwhelmed when you have a huge project hanging over your head. Especially when you are not even sure what first step to take in order to get that project done and off your plate.

Jen: That’s a really great point – something as big as taxes needs to be broken down into small, sane steps.

So, what would you say are some things that small business owners can be doing right now to get ready for April 15?

Jessica: The first thing any small business owner should do right now, if they haven’t already, is pull together all of their business’s bank and credit card statements for 2007, along with any other business financial paperwork (loan statements, unpaid bills, invoices issued to customers/clients, etc.).

Many small business owners try to tackle their business’s money matters on their own, but unless they are in the bookkeeping or accounting business, it’s usually much easier (not to mention less stressful) to have outside help!

Once they have their paperwork together in one place, they can then contact a professional for assistance. If they are using financial software like QuickBooks, it’s still very important to have the assistance of a professional to ensure that the software is producing accurate reports.

Jen: Speaking of money, what things can small business owners do to help them reduce tax preparer costs?

Jessica: The best way to reduce your tax preparation expense is to have your business’s books in the best possible shape before passing them off to the tax preparer. This is where the cost of professional bookkeeping assistance immediately pays off as a return on your investment. I’ve had some clients tell me that their tax prep bill was more than cut in half and the only change they had made was having a bookkeeper!

Jen: Great tip! Now, you run a business – how are you doing on your own tax preparation?

Jessica: That’s a great question! Because I stay on top of my own business’s books on a monthly basis, I’ve had my books pretty much ready for tax prep since my December bank statement was generated and available via online banking. Other than a few 1099s that are still trickling in, I’m almost set to pass my books off to my favorite CPA!

One of the beauties of doing my books throughout the year is that I’m always “in the know” regarding how much I should be paying in estimated taxes. It’s a great planning tool to help me grow my business each month.

Jen: Great – I guess it would pay off to copy what you do! In the big picture, what can people do to prevent their Jan-April 15th stress?

To reduce pre-tax stress, it’s helpful to have a system (customized so that it works for you!) in place throughout the course of the year. That way you do not end up with a huge project after January 1st.

If tax season causes you a great deal of overwhelm, it’s time to partner up with someone who can show you a better way so that you don’t end up repeating this pattern year after year. Most business owners are surprised to learn that there are some simple and low investment steps you can take to get a handle on your business’s money matters, quickly and easily!

Jen: Thanks so much for stopping by, Jessica! I feel ready to get my taxes ready (one small step at a time)!

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