What Is Bookkeeping?

Posts Tagged ‘Filing taxes’

If you are an American living in Canada you may now be at risk with the IRS…are you up to date on your tax filing.  As an American you are required to file a tax return in the US and as a resident of Canada you are required to file a tax return in Canada. 
Check out the full article at:   http://www.everydaymoney.ca/2011/06/americans-living-in-canada-now-an-irs-target.html

What does this means to small business owners?  What does this mean for the global economy?

Back in April there was much debate about whether the US government would need to start shutting down services and the impact that this would have on small business owners.  The debate centres around the ability of the government to continue functioning if the spending bill did not get passes by the congress.  Will this be a regular occurance? 

Can you imagine the impact this would have on small businesses not just in the US but around the world.  The impact would be felt around the world.

What are your thoughts on this?  Please comment and let me know.

The full article can be found at: http://money.cnn.com/2011/04/08/news/economy/small_business_shutdown/index.htm

What would really happen if no one paid their taxes?  Can you imaging the problems, the disorder, the chaos, the insecurity, what would we do????

Here is a cute video of the possibilities of what may happen.  Enjoy!!!

Is this you?  I hear this all the time from my clients, friends and family.  They all seem to dread the daunting deadline of filing taxes.  It doesn’t have to be like this…..there is hope.

The majority of people don’t like filing their taxes.  To them it means a lot of paper work, its time consuming and most commonly I hear ‘boring’.   Well, if you leave it all to the last minute, then yes it is a lot of work and takes more time than necessary and after a while it gets ‘boring’.  However, this can all change with planning and organization.

If we are organized things are easier to handle.  When you receive a bill, enter directly into your accounting system and then file it.  It’s the old adage for time management of touch it only once, deal with it and then it is no longer a worry.   If you do a little at a time, it is not so overbearing and time consuming and by the end of the year guess what, all the work is already done and you are ready to do your financial reporting.

If you really do not like handling paperwork, then hire someone to do it for you, however this does not mean that you can walk away and not deal with it anymore.  It means that someone else can open the mail, enter the bills and then file it accordingly, you still need to ensure that it is getting done in the first place and the person you hired is not avoiding it like you did but most all is to ensure that has it been recorded appropriately in your accounting records.

For more tips on organizing check out the article 5 steps to Organizing Your Business.  With planning and not leaving things to the last minute, life will be less stressful and guess what?  Your tax deadline will come along and you will not have to worry about a thing because it had already been handled.

Happy organizing!

Lori