Tax Time!
Since starting my business last year, I’ve really made it a point to be disciplined with documenting my expenses and making sure all my financials are in order. Although, I think there’s still room for improvement, my accountant tells me, I’m one of his best clients 
So how did I get such praise? Although a few accounting and excel classes in college I’m sure helped, my experience as an admin assistant processing expense reports, reallly helped me in the long run.
One of the main things I feel have helped me stay on track is my “expense notebook”, a place to keep track of all my receipts! It’s a bit time consuming, but I tape each receipt to the notebook in chronological order.
I also utilize my google calendar, by adding mileage, toll, and any expenses I incurred for a meeting or event, in the notes area. It’s an easy way to keep information organized. Last but not least, I created a spreadsheet that makes all the information easy to read and calculate come tax time.
Another best biz practice is to check in quarterly with your accountant to assess whether or not you need to file taxes. Breaking up the year into quarters to evaluate your financial statements, and pay taxes, definitely helps ease the stress of a cutting a big check to the IRS the following year. By filing quarterly you can break up the payments, and hopefully end up with a nice return instead.
If you don’t have an accountant, check out California Lawyers for the Arts (www.calawyersforthearts.org) as a resource, they offer workshops year round. You can also contact my accountant, Jotham Ty at jotham@tyacpa.com
