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Browse the siteApril 13 2016
Tax season is almost over, with mere days to go. Most of you have probably filed already or are nearing the finish line.
For you procrastinators, there's still time to get your receipts and statements in order--but just barely. At this late stage, your best bet is to file an extension and hope your CPA doesn't charge too much of a premium for last minute tax return preparation. But don't wait--the longer you put off getting information to your accountant, the more stressful even filing just an extension becomes.
If you find yourself putting off your taxes until the last minute every year, ask yourself why? Perhaps it's that your financial record keeping is less than stellar, and gathering all the documents your accountact needs is a huge headache. There's good news, though: tax season doesn't have to be painful. If you're overwhelmed every time April 15 rolls around, don't be. A little organization can help a lot!
Begin by classifying all your business expenses. Since real estate agents are considered statutory nonemployees, keeping track of expenses for tax deduction purposes is vital. Have your bank and credit card statements handy, as well as any receipts. Comb your records for business expenses. As a starting point, use the following categories to classify each expense:
We recommend consulting a tax professional for the best advice, of course, but this should start you off on the right foot.
Want to learn about apps that can help? Click through to the next page!