Wednesday, December 4, 2013

Expiring Tax Credits and Being Prepared for Year End 2013

By: Stan Washington
Date: December 04.2013

T'is the season to be jolly, thankful and prepared! Yes it's that time of year where we want to relax and enjoy in many festivities, but are you prepared to relax? I remember one year I worked extremely hard and was too busy to focus on taxes.  My accountant asked for my documents and I had a pile of garbage.

She looked at me and shook her head with a despondent stare.  Her retort was "Come back to me when you are prepared." Okay, she wasn't that harsh but it felt that way!

Start Preparing for Taxes NOW
Why not start collecting your documentation now.  Before you schedule your next party, schedule time for collecting documents and summarizing your year. I have included tax credits to prepare you for your conversation with your accountant. You should schedule a meeting before the year ends.

Expiring tax credit full document:

Bank Statements
I don't know about your bank, but mine makes it easy to access statements online for one (1) year. This means you need to collect your statements from last December until now if you haven't done so already.

Other Considerations
Have you done charity work? Do you have miles listed for business expenses? Have you tallied all operational expenses? Are you missing tax credits you are unaware of? Do you have an opportunity to get a credit in the next three weeks? Are you aware of the filing date for next year? (There is a two week delay extending the start of the season to February 04, 2014). Is your hardware fully depreciated? Should you purchase computer and other hardware now?

Filing season link:;-IRS-Sees-Heavy-Demand-As-Operations-Resume

Being prepared will help you reduce your heartache and headaches!

Visit to do online invoicing today!

No comments:

Post a Comment