A Red Bench » Taxes http://aredbench.com/blog Your business with purpose and passion Fri, 25 Nov 2011 14:05:12 +0000 http://wordpress.org/?v=2.9.1 en hourly 1 Being Organized Saved Me $500 http://aredbench.com/blog/2009/03/09/being-organized-saved-me-500/ http://aredbench.com/blog/2009/03/09/being-organized-saved-me-500/#comments Mon, 09 Mar 2009 18:09:54 +0000 Christa http://aredbench.com/blog/?p=286 As organizers we are always saying being organized saves you time and money, and Friday this rang true.  My husbandollarsd and I met with our new accountant, which is a complex process for us and can be very stressful.  We have to report taxes in both the US and Canada and it can be extremely overwhelming ensuring everything has been taken into consideration.

Of course, we use the FreedomFiler to keep our tax papers organized which is vital to our tax success. Our tax files are US Tax, Canada Tax and Savvy Solutions and A Red Bench Tax Files by category (advertising, phone, travel, etc.).  It’s a lot to keep organized, but FreedomFiler works like a charm.

Our tax paperwork was organized and prepared and when we arrived on Friday the accountant was thrilled as this made it easier for her to review our situation and complete the return.  She had a few questions for us, but basically it was a simple and stress free appointment.  And the great news is she changed her original quote and reduced the price to complete our taxes by $500.

We are hearing from many people right now the phone are not ringing quite as much as they have in the past.  Share this story with your clients and let them know the benefits of working with an organizer and specifically you. Being organized saves you time and money and on Friday it saved us $500 out of pocket.  My husband and I were very happy and I imagine many of our clients would be too!

]]> http://aredbench.com/blog/2009/03/09/being-organized-saved-me-500/feed/ 0 Small Business Tax Tips http://aredbench.com/blog/2009/03/03/small-business-tax-tips/ http://aredbench.com/blog/2009/03/03/small-business-tax-tips/#comments Wed, 04 Mar 2009 00:11:55 +0000 Christa http://aredbench.com/blog/?p=245 tax_reliefIt goes without saying that you don’t want to mess with the IRS, but you also want to ensure you are taking every legal deduction you can. Here are few write-offs business owners and entrepreneurs sometimes forget:

  • Home Office
  • Office Supplies
  • Furniture
  • Mileage /Vehicle
  • Software
  • Subscriptions
  • Equipment
  • Travel
  • Meals
  • Entertainment
  • Insurance
  • Retirement Contributions
  • Social Security
  • Phone Charges
  • Donations

Here are some other tips to survive the tax season. 

  • Dedicate a specific day as tax day. If you need to close shop or get help to free your time, do it.
  • If you find you’re overwhelmed by the amount of work to complete your small business tax return, you may want to consider a bookkeeper or accountant.
  • If a sole proprietor, consider changing your business structure to take advantage of the tax benefits being an LLC or S. Corporation.
  • Give yourself a little motivation to get started and reward yourself when your taxes are completed. A massage is always nice.
  • Consider a bookkeeping system like Quicken or QuickBooks if you are not already using one. (I recommend QuickBooks)
  • Know your Numbers. Accurate and thorough bookkeeping is necessary. It not only establishes fulfillment with a number of IRS regulations and bank lending rules, but also improves your ability to make operational decisions.

TODAY’S ACTION: 
Finish 2008 taxes and cross them off the list – with joy!

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