Tips for tax season

**ChrisHeggem** · 01-13-2011 12:46 PM

As small business owners, I know this time of year is particularly stressful and full of anxiety because of the tax season. I think it would be particularly helpful if we shared advice on making tax time easier for everybody.

For starters, I plugged in a simple 2011 Tax Calendar (works with Outlook, iCal and Google Calendar) so I won't miss any of the deadlines. You can find it here: http://bit.ly/f6FMqT

What tools, tips or tricks do you use to make tax season easier?

**Gary Barzel** · 01-16-2011 09:18 AM

I would start with making sure that you have an effective and efficient system in place for recording your business’ financial transactions and keeping supporting financial documentation, such as W-2 forms, account statements, sales slips, paid bills, invoices, receipts, deposit slips, and canceled checks. These kinds of documents are important to hold on to because they support the entries in your accounting records and on your tax return.

**ChrisHeggem** · 01-17-2011 07:01 PM

Thanks Gary, what system do you use?

It's also important to categorize your expenses. I recently found out that the IRS compares Schedule C filers within the same NIC code. If you have too many expenses in any single category it may raise a red flag!