In preparation for tax season, I had a conversation with Rick Spence of Money Sense magazine. I was quoted in the article “Paper Kills: How to kill your paperwork problems before they kill you.”
We discuss how to get paperwork in order. We touched on the fact that entrepreneurs can unintentionally throw away hundreds of dollars a year due to lost receipts and forgetting to record potential tax deductions. If you don’t manage it properly, paper kills – not you but maybe your business! Along with a few other organizers, we provided these tips:
- Leverage your time. Hire help for jobs you don’t want to do or don’t have time to do.
- Put receipts for business expenses into a basket or file folder as soon as you get them.
- Keep a notebook for recording business trips with your car.
- When traveling use plastic sandwich bags to keep receipts together.
- Store inactive files in clearly labeled bankers’ boxes and carry them with you during a move.
- Print your receipts as soon as you get them so your deduction won’t get forgotten at tax time.
- Don’t combine your personal and business banking.
- Use small business accounting software to track revenues and expenses.
- Hire a professional to do your taxes. They know how to claim the maximum deductions.
- To save time, create email templates for messages you send out more than once.
Read more tips on how to stay organized to save time and money. And remember, if you need help getting your paperwork organized, contact Out of Chaos. We’d be happy to help.