Tax Returns 7 Steps To Reduce Your Stress

Tax Returns - 7 Steps to​ Reduce Your Stress
The end of​ year tax return must be the​ most stressful part of​ running your own business .​
It is​ even worse if​ you​ have earnings abroad and have to​ fill in​ tax returns from those countries as​ well.
How can you​ make life easier?
1 .​
Start an​ accounts system .​
This can be in​ a​ hardbck ruled ledger that you​ can buy from any stationery store.
2 .​
Keep receipts for everything .​
Enter these into your accounts once a​ week,​ or​ once a​ month
3 .​
Enter any payments made to​ you​ in​ your accounts system as​ soon as​ you​ get them.
4 .​
Look at​ the​ different software accounts packages .​
You will learn to​ use whatever package you​ buy,​ but try to​ avoid the​ over complex ones in​ the​ first instance .​
If you​ are comfortable with using spreadsheets and cell formulae you​ could keep your accounts in​ a​ spreadsheet program.
5 .​
Open the​ tax return envelope as​ soon as​ it​ comes .​
Putting it​ off does not help .​
Check all the​ sheets you​ need are there .​
Download or​ send off for any missing sheets.
6 .​
Aim to​ have your tax return filled in​ well ahead of​ the​ final deadline .​
That way the​ IRS or​ other government revenue department will check your figures and work out how much you​ owe them .​
This causes much less stress than having to​ do it​ yourself and worrying whether you​ have the​ calculation right.
7 .​
As an​ alternative to​ steps 3-6,​ you​ can employ an​ accountant .​
You can pay the​ accountant to​ fill in​ your tax return and to​ do your accounts for you​ .​
The amount you​ will pay will depend on​ the​ amount of​ work involved .​
If you​ just take in​ a​ box of​ receipts and deposit slips you​ can only expect to​ pay a​ higher fee than the​ person who presents the​ accountant with neatly filed receipts and accounts.
Tax Returns 7 Steps To Reduce Your Stress Tax Returns 7 Steps To Reduce Your Stress Reviewed by Henda Yesti on July 02, 2018 Rating: 5

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