Don’t sweat it this tax season
They say there’s two certainties in life: death and taxes. While they are inevitable, that doesn’t mean you have to procrastinate until April. So, get a head start on your taxes by getting things in order now.
Here are 3 things you should be gathering now to help us help you more effectively:
Mileage: There’s nothing worse on April 14 than sitting down to figure out your mileage for the previous year. Make sure you figure out how many miles you drove for eligible business purposes, and then do the math. The federal mileage rate for tax year 2017 was 53.5 cents per mile. If you aren’t sure what qualifies as business mileage, this article might provide some insight.
Log of other expenses: Do you have recurring business expenses to keep your business operational, like software and web hosting? What about the occasional business lunch or dinner? Some find it’s easier to log in a spreadsheet and use it as a living document of sorts. Whatever your method, make sure you are consistent.
IRS communication and/or payments: Did you receive any letters from the IRS in 2017? Did you make any estimated payments? Furnish any and all records to streamline the process in 2018.
The most savvy business owners understand the importance of being organized especially when it comes to filing. And remember, the quicker you file, the sooner you’ll receive any refund(s) coming to you.