Getting Your Ducks in a Row for Maximum Deductions at Tax Time

Getting Your Ducks in a Row for Maximum Deductions at Tax Time

A wise individual once said that there are only two certainties in life: death and taxes. Thankfully, we are only dealing with the tax side of things in this month’s column. To expand on last month’s early symptom check, here are some tips to ensure that your small business is prepared for the inevitable day when Uncle Sam sends us our yearly bill.

One of the most important things you can do throughout the year is to save your business receipts. No matter how small or insignificant the purchase may seem, it is always easier to keep track of every purchase instead of trying to sort out what may or may not be important. There might be some purchases you make that you find insignificant, but the individual preparing your taxes may need a better record of all purchases due to IRS regulations.

Many people have found that organization is the key to success. Try making a checklist of everything you need for tax season, from start to finish. Hopefully, this will eliminate surprises and keep you on track with minimal hurdles. Also, don’t forget that the tax process can evolve on a yearly basis. A checklist you may have had from previous years probably needs to be updated.

CREDIT

column by BAXTER TROUTMAN

BIO: Baxter Troutman is founder and chief executive officer of Labor Solutions, a staffing company with offices in Bartow, Winter Haven, Lake Wales, and Arcadia. A citrus grower who served in the Florida House of Representatives, Troutman understands the challenges and concerns of today’s farmer.