Tips and Tools for Tax Prep
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Last year I closed my ceramic business after running it full-time for three years. My least favorite part of the whole process was figuring out how to track everything for tax time. Here are some awesome tax prep materials I had or wish I had when I was running my business. So whether you are getting ready for your own personal taxes or you run your own business, I’ve got some good stuff for you!
Adam’s Tax Record Organizer
Organization is key when it comes to tax time, especially if you go to an accountant. If you are organized, it’ll be easier for you (and your accountant) to find what you need. This awesome organizer comes with prelabeled pockets for everything from receipts to W-2s. Get your papers in order.
The Tax & Legal Playbook
The thing about taxes is there is information coming from everywhere, or at least that’s how it felt when I was doing taxes for my business. I got advice from other business owners, some of which I was happy to accept and others I was thinking to myself, man, I hope you don’t get audited by the IRS. This book would have been awesome to have because it’s written by CPA and attorney Mark J Kohler, who includes answers to a lot of legal and tax-related questions about business.
What Your CPA Isn’t Telling You
This book is coincidentally by the same author as the previous one listed. In this book, he lays out eight life-changing tax principles in order to teach wage earners and business owners how to utilize tax strategies to achieve huge tax savings and greater wealth. This book sounds interesting to me as it goes into using IRA contributions to your advantage and hopefully it’ll talk about health spending accounts too.
H & R Block Tax Software Premium 2018
My parents have been going to the same tax prep person at H&R Block for as long as I can remember. When I started doing my own my taxes I realized after going a couple times of going with them that I was spending more for them plug in numbers on a computer for my simple taxes, losing a chunk of my refund to something I could be doing myself. I decided it was time to try software. I have to say H&R Block made it quite simple and if you realize you forgot something you can go back. It also comes with unlimited expert advice so you can ask advice at any time.