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Tax season is stressful. You have to make sure you\u2019ve got all your documents in order and that everything is filed on time. You also need to double check that the numbers you have are correct, and if they\u2019re not then it can be a real headache.<\/span><\/p>\n Given how stressful tax time can be, keeping everything together can help you navigate tax season much more easily. Here are some benefits to being organized when it comes to your taxes.\u00a0<\/span><\/p>\n When you run a business you need to keep track of all your income and expenses, which often means finding your receipts either digitally or in paper copy. If you stash those receipts all over the place, you\u2019ll wind up spending hours looking for them, and there\u2019s no guarantee you\u2019ll find everything you need.\u00a0<\/span><\/p>\n Organizing your documents so they\u2019re all kept in one place (or two if you keep paper and virtual records) saves you valuable hours wondering where your receipts are, tracking them down, and ensuring you have everything you need. It also means that when you sit down to do your taxes, you won\u2019t constantly be stopping to look for something else you just realized you need.\u00a0<\/span><\/p>\n Have one spot in your office for your paper receipts and a main folder on your computer for digital receipts. These can be broken down further into income, expenses, utilities, and other categories as you need, but at the very least keep everything together.\u00a0<\/span><\/p>\n Better yet, use a app like HubDoc to help you to organize, and push into your accounting system.\u00a0 Here at Rincon Controller and Tax Services, Inc, we have been a big fan of using Xero and HubDoc together to not only help you get more done in less time, but also to keep documents, bills, bank statements, etc organized and maintaining our paperless office.<\/p>\n As mentioned above, if you\u2019re not organized there\u2019s a good chance you\u2019ve lost or forgotten about important receipts that could be tax deductions. As the saying goes, \u201cout of sight, out of mind\u201d and if you don\u2019t have a receipt in front of you, you might just forget that you can deduct that online software subscription you purchased back in January, or that new office chair you bought.\u00a0<\/span><\/p>\n Those deductions add up.\u00a0<\/span><\/p>\n Also important is ensuring you\u2019ve accounted for all your income, so you don\u2019t wind up paying fines on income you haven\u2019t claimed.\u00a0<\/span><\/p>\n Set aside time each month to go through all your income and your expenses and make sure the documentation is filed correctly so you can easily find it at tax time.\u00a0<\/span><\/p>\n And, if you use HubDoc with Xero, it is included in the monthly subscription at no extra cost.<\/p>\n No one likes to think about what happens if they get audited, but audits happen. The more organized you are, the better prepared you\u2019ll be. We can\u2019t promise there will be no stress, but it will make the audit process more efficient and somewhat less stressful.<\/span><\/p>\n Having been through my fair share of audits with clients, the ability to quickly search Hubdoc and Xero for transactions, and then downloading the documents as pdf’s for the auditors, really speeds up the work.<\/p>\n If you\u2019re self-employed, you can deduct organizing expenses. If you have a home office, the same applies. And if you are a contractor or freelancer, then organizing your client files could also be deductible.<\/span><\/p>\nIt saves you time<\/b><\/h3>\n
It saves you money<\/b><\/h3>\n
You\u2019ll be better prepared for an audit<\/b><\/h3>\n
You may even get to deduct some of your organizing expenses<\/b><\/h3>\n