hollister outlet Getting Ready for Year End Tax Re

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Today I would like to discuss three questions to consider for your year end tax return:

-Are your records neatly organized, or do you have receipts located in many different places?
-Do you have your personal and business expenses separated out? Are they separate on a spreadsheet or in QuickBooks?
-Do you have inventory that isn't counted on a regular basis?

Are your [link widoczny dla zalogowanych] records neatly organized?

It seems that half the battle of putting together your records for your tax accountant is to gather all the information! And, remembering everything that happened over a year's time is not fun if there wasn't a systematized way of filing receipts, bills and statements during the year. This week, take the time to gather all the receipts that are related to your business. Here are some places to check:

1. The junk drawer
2. The dresser(s) in the bedroom
3. The filing cabinet (maybe there's a general "receipts" folder)
4. The personal filing drawer
5. Your spouse's purse or wallet
6. Your vehicle
7. Any other place in your home or office that tends to gather piles of paper!
8. Your [link widoczny dla zalogowanych] computer: check your emails for electronic receipts for business [link widoczny dla zalogowanych] purchases and capture them in a separate folder on your desktop
This can be a daunting process. But, if you set aside as little as 15 minutes at [link widoczny dla zalogowanych] a time to gather and organize receipts, you'll be amazed at how quickly this gets done!
NOTE: This 15 minutes is FOCUSED time. In other words, set the timer and focus ONLY on the one task of looking for, gathering, and sorting receipts and statements between business and personal. I find that if I listen to podcasts or music that I like, it makes these types of jobs more enjoyable.
Separate personal and business expenses
While you're in the organizing mode this week, make sure to check in your personal checkbook register for [link widoczny dla zalogowanych] purchases made for your business. Also, check in your business checkbook for personal purchases. It's important to separate these out. Your tax accountant will need to know about each of these types of purchases.
1. Purchases for [link widoczny dla zalogowanych] business from personal funds: List these out on an excel spreadsheet. Date/vendor/type of purchase/amount. Keep the [link widoczny dla zalogowanych] receipt with your business files. You need these so that you can get all of the writeoffs you are allowed for your business!
2. Purchases from business for personal use: These are considered withdrawals for personal from your business. These are not tax deductible. [link widoczny dla zalogowanych] Make sure to tag those checks or business credit card purchases that were not business expenses.
Do you have inventory?
Inventory numbers are extremely important to keep track of during the year. However, I know of many small businesses that only count inventory at year end. Whatever the case may be….Have an accurate count of your inventory, and it's valuation as of December 31, 2011.
There are several inventory numbers that are important [link widoczny dla zalogowanych] for your tax return:
1. Inventory balance at the beginning of the year
2. Cost of inventory purchased during the year
3. Amount of inventory sold during the year
4. Ending inventory value at December 31
Obviously it's nice to have a system that rings through each purchase of inventory and [link widoczny dla zalogowanych] sale of inventory through to a computer program that tracks this information. At year end, you'd have really nice reports [link widoczny dla zalogowanych] for your taxes/with all the backup information available at any time. QuickBooks even sells a program that will do this process for retail outlets.
However, if you haven't gotten that far yet, you'll have to figure out a [link widoczny dla zalogowanych] way to come up with these numbers at the end of the year. I would suggest doing an inventory count no less than quarterly. Keeping on top of your inventory numbers will provide other good information too. (what is the best selling item, which item makes the most profit, are you losing inventory to theft, etc.)
For this year, make up a nice inventory spreadsheet on Excel, and put the following information: inventory description/inventory quantity/inventory cost per item/ total value.
Rebecca Tervo, CPA is a Certified QuickBooks Proadvisor who helps small biz owners run the money side of their business. Get her free video lesson: "The Top 10 Bookkeeping Mistakes Businesses make and How You Can Avoid Them" at
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