5 tax-time tips for small businesses
(NC)—It's tax season again and that means the 1.2 million small businesses across Canada will be busy sorting through files and preparing to file their returns for 2012. To help small businesses stay on track and file on time, Marc Ruel, an office expert from Brother Canada, is giving the following tips:
• Back up your files: Nobody plans to lose or damage their important documents, but it happens, so it's best to take steps now to avoid pain later. Backing up records such as receipts, invoices or other documentation by scanning and saving them is fast and easy, and will make sure you are covered in case you are selected for review. Experts also recommend a good office scanner. To consider right now, for example, is the Brother ADS 2000 scanner to reconcile and back up your paper work each month. It's also a good way to stay on top of records in the lead up to tax time.
• Don't leave money on the table: If you're running a small business, know what you can deduct in terms of business expenses when filing your tax return. Don't forget to claim office expenses such as paper and pens and look into your options with depreciable assets like computers, printers, and scanners.
• Stay organized: Keeping organized records and an orderly office space during tax time will allow you to save time and avoid mistakes when filing your taxes. Don't be afraid to purchase accounting software and other helpful tools that will help you stay organized.
• Business and personal do not go together: Filing personal taxes is very different than filing your business taxes. Keep separate records of your personal expenses and your business expenses. This will make the tax process seamless, especially if you are selected for review.
• Get some guidance: Will you do it yourself or hire a pro? While there are software packages available that make filing taxes easy for the average Canadian, there is usually more work involved if you're a small business. If you're not familiar with the process, it is best to hire an expert – just make sure you bring in all your scanned, photocopied and printed documents to help make the process faster and easier.
More information on office tools that can help you stay organized during tax time is available online at www.brother.ca.
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