Tax Season Is Right Around the Corner!

We are heading into Fall and I can hear the high school marching band playing at the football game, pumpkins are getting carved and my neighbors have several LARGE inflatable spiders adorning the yard.  In some places the weather is getting cool, unless you’re in the Southeast like me and then it’s still pretty hot!

This is also the time of year that you need to start getting your financial books in order.  Do you have all the receipts for expenses that were emailed to you throughout the year?  Do you have an accurate record of all the money (including tips) that you’ve made?

Some of you may have everything in order, but A LOT of you may be looking like the picture above.  You don’t know where to start and it all seems so overwhelming you just want to cry.

I have a friend that is a salon owner.  My friend and I were having lunch one day and she told me that in the first year of her business she wanted to quit almost every day because of the business side of owning a salon.  She stated that she wished she knew someone like me back in those days because being a great cosmetologist doesn’t automatically mean that you will be a great small business owner.  If she would have had a person on her team that could talk her through setting up Quickbooks, explaining a chart of accounts, how to file payroll taxes and other business topics, it would have made a world of difference.  I wish I would have known her back then because I could have saved her a lot of time and heartache.  However, the fact that she shared those experiences with me has allowed me to help others.

If you need assistance with getting your records in order or with your business, call me at 407-988-5647 or visit www.excerebus.com.   We can discuss how we can work together to get you and your business ready for tax season.

For those that want to go it alone, here are a few resources to get you started.

A Guide To Tip Income Reporting  https://www.irs.gov/pub/irs-pdf/p3148.pdf

Recordkeeping  https://www.irs.gov/businesses/small-businesses-self-employed/recordkeeping

Payroll Record-keeping https://www.dol.gov/general/topic/wages/wagesrecordkeeping

Categories: Tax Information

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