turbotax online Archives - 2008 Taxes to 2018 Taxes

My last post included twelve ways to save during major life events, and this new post continues with eleven more ways to save at tax time.

Divorce

1. Your spouse may have business dealings that effect your tax status, and you should get a copy of any pertinent business tax returns before your divorce becomes final.

2. Consider using a free TurboTax version to be sure you understand your deductions regarding alimony and child support.

3. Record the time that your child spends with you and the time spent with your former spouse. You may need this information for court proceedings or at tax time.

4. Pay your child a wage if appropriate. You may be able to shift some of your income and move into a lower tax bracket this way.

5. Review your health insurance premiums for allowable deductions. TurboTax 2014 or other editions of free TurboTax may guide you in this process.

6. Remember that home office deductions may include things such as portions of rent, cleaning, depreciation, and utilities.

7. Include business courses, conferences, seminars, and printed materials related to your work when considering tax deductions.

8. List mortgage interest and relevant property tax payments as deductions.

9. Include the points that you paid toward your home loan.

10. Add funds to your Individual Retirement Account at the beginning
of the calendar year.

11. Deduct any bad debts that are unrelated to your work or business. Using these tips may help you make the most at tax time, especially if you combine them with guidance from TurboTax.

Your business is starting to grow. You’re hiring new employees. You’re considering adding a health plan. You might even move from your cramped storefront to a more luxurious space across town. This growth is good news. But it also comes with a price. Your business is gobbling up your free time like never before. You need relief. It might be time to hire an outside bookkeeping business to provide it.

Your talents lie in finding the right employees for your business, crafting marketing plans that attract attention and securing new clients and customers. Spending too many hours balancing your books, tracking unpaid invoices and crafting expense reports is not a good use of your time. You should always be concentrating on income-producing activities. Bookkeeping work, while critical to the financial health of your business, is definitely not an income-generating activity.

That’s why hiring an outside bookkeeping business is a financially wise move for you and your business. A bookkeeping service will handle your financial matters, tracking invoices, revenues, expenses and wages. It will compile the information you’ll need to file your taxes every way. And it will help you decide on whether it makes financial sense to move to a new location or stay put for another year.

Hiring a bookkeeping service will cost you money. But you’ll have to decide if this expense is covered by the amount of free time outsourcing your bookkeeping needs will leave you. Your time is valuable, remember. If you have more time to work on new advertising campaigns or develop new products or services, your business will grow all that much faster. If you have more time to interview potential new employees, the odds are better that you’ll land workers who are as passionate about your business as you are.

Not all bookkeeping businesses are built equally. Some may be operated by Certified Public Accountants (CPAs) while others may be staffed with high-school dropouts. Before outsourcing your bookkeeping, you’ll definitely want to investigate the quality of the employees. Having CPAs around is one indicator that this company knows what it’s doing.

Business owners never enjoy adding a new expense to their bottom lines. But businesses thrive when their owners make the right investments in them. Hiring an outside bookkeeping service is one of those expenses that more than pays for itself in the future.

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