Tax time may be out of sight, but don’t let it be out of mind. The Point of Sale News has some sage advice for small business owners on how to reduce tax stress.
An article featuring tips from the Intuit PaymentNetwork (IPN) quotes Mike D’Avolio, Intuit’s Senior Tax Analyst, on how to “de-clutter the e-clutter.”
Organized records are the foundation for streamlining your tax filing and responding to IRS inquiries. The IRS recommends that small business owners retain the following paper and/or electronic documents throughout the year:
Gross receipts: cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips and Forms 1099-MISC and 1099-K
Proof of purchases: canceled checks, cash register tape receipts, credit card sales slips, invoices, account statements and petty cash slip.
Documents to verify assets: purchase and sale invoices, real estate closing statements and canceled checks
Employment tax records
Start collecting source documents (1099s, for example) from financial institutions and the government after year-end to avoid the last-minute scramble.
Get a jump on next year’s taxes by running income and expense projections and reviewing tax law changes.
Take advantage of online programs to reduce clutter, save time and money:
- For large files: Dropbox, Sugarsync, Box and Syncplicity
- For document storage: eDoc Organizer, iManage Work Site, Worldox and Doc.It (here’s a helpful and unbiased comparison of these services at FindTheBest.com)
- For a mobile phone solution: Intuit Paper Trail
- For invoice tracking: Intuit PaymentNetwork (IPN), Zoho and QuoteBase
Of course, a robust Point of Sale system can be an enormous help in storing and showing the important facts and figures of your business, whether for taxes or to ensure the profitability of your life’s work.
Sintel Systems is a quality provider of tailored Point of Sale systems across retail, restaurant and service industries, including frozen yogurt shops, pizzerias, sushi restaurants, cafés and retail stores.
As a single source for business solutions, our experienced, knowledgeable team negotiates the complex POS landscape to enable you to find the right POS system for your business and budget. Hardware – Software – Support