Did you know that your business can get more efficient results from a CPA in San Antonio if you have all your receipts organized at tax time? This doesn’t mean you should spend hours sifting through boxes of jumbled slips the night before your appointment. Instead, follow these tips to keep your receipts organized so they’re ready at tax time:
- Stay organized throughout the year. Set up a filing system for your business receipts. Use a divided accordion file or other storage system to separate receipts into categories such as payroll, vehicle expenses, materials purchases or shipping. You may also choose to scan them into your computer system for verification in the event of an audit.
- Record each expense as soon as possible after it happens. Set aside a short period of time at the end of each day to file receipts and bring the ledger up to date.
- Take time each week to review the week’s expenses and make sure all receipts are organized and filed. Make sure everything checks out and makes sense within your overall business.
- Keep a computerized spreadsheet, software program or written ledger to record each expense in the proper category. Include the date, amount spent, to whom it was paid, what type of expense it was and any other relevant notes or information.
- Consult with your CPA to choose software that will work best with their system. This is usually the most efficient way to share information between your business and the CPA firm.
- Review your receipts and ledgers at least quarterly, before quarterly taxes are due. Work with your CPA to stay on track with taxes throughout the year to avoid big surprises in April.
- The general rule is to save all tax records, including receipts and ledgers, for at least seven years. Three years after filing, you can dispose of supporting documents such as paper receipts, but you may wish to keep electronic copies. You should also keep the return itself, along with any proof that you filed it, in case of any questions from the IRS.
When it’s time to get your business taxes done, call Gonzales Group CPA in San Antonio at
210-366-9430.Tags: Accountants San Antonio tx, cpa firm in san antonio tx, CPA in San Antonio Tx
This post was written by Gonzales Group CPA