skip to Main Content

Book Your Tax Reduction Analysis Call

3 Tips For An Amazing 2016 Tax Year

3 Tips for an amazing 2016 Tax year

  • If you’re a business owner, right now is a great time of the year, before the rush of the holidays, to get your tax books and get your bookkeeping reconciled
  • IRS makes us ensure that we have logs. We’re not allowed to deduct our mileage without mileage logs. MileIQ makes it super easy to do that, as long as you’re actually tracking your miles.
  • Plan in advance and do a tax projection now so that not only do you know what you owe in April, but also what kinds of things you can do between now and December 31st to change that outcome. It’s probably one of the most valuable things that you can do for you and your company.

Hello, fabulous tax peeps. It is Shauna, your Tax Goddess. Today is the day after the tax deadline, which means we are finally into tax filing season 2016.

Today, I have three tips for you on how to get ready for the 2016 tax filing year, plus a bonus tip. First is getting your books reconciled. If you’re a business owner, right now is a great time of the year, before the rush of the holidays, to get your tax books and get your bookkeeping reconciled. Get everything ready so that when it comes to January, you can get in the front of the tax filing line and get your corporate returns prepared as soon as possible.

Second is making sure that you’re tracking your mileage. We have talked about the MileIQ app before. MileIQ is one of the best and easiest apps to try and track your mileage. Keep a check that you’re getting all of the miles that you should be getting for deduction for tax purposes. We will be posting a link to the MileIQ app on our blog, as well as our Facebook page. IRS makes us ensure that we have logs. We’re not allowed to deduct our mileage without mileage logs. MileIQ makes it super easy to do that. As long as you’re actually tracking your miles, you are good to go.

Third is planning, that is, doing tax projections. A lot of people and CPAs start preparing a tax return in January or February, but, by that point, the year is already over, which means that you can’t do any planning or make any changes. Plan in advance and do a tax projection now so that not only do you know what you owe in April, but also what kinds of things can you do between now and December 31st to change that outcome. It’s probably one of the most valuable things that you can do for you and your company.

And finally, the bonus tip, which is from our bookkeeping team, is for those of you who have contractors on your staff or contractors that you’ve hired to work for your company. Now is a great time of the year to start asking for the W-9. It is the form that you need as a business owner to be able to provide 1099s to your contractors.

If you have not yet started collecting W-9s for your contractors, now is the time to get those. You can also get an administrative assistant do this for you. You may watch our video on outsourcing on our blog. We’ll be posting the link below as well. Outsourcing is a great way to have somebody help you obtain these W-9s to make sure it’s a business you are compliant.

 

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *

PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
Back To Top