It’s That Time of Year Again! A Roundup of Tax Season Advice

March 15, 2019

We’re a month away from the dreaded April 15th tax deadline. How are you feeling?

The saying continues to ring true: Nothing can be said to be certain, except death and taxes. So despite the angst you might be feeling, it’s got to be done—this year, next year and the year after that. How do we make it a little more bearable? All it takes it a little preparation and the right encouragement!

To ease your worries, we arm you with the tax advice you need to get through the April funk in this tax season roundup.

Key Documents for Tax Time

3 Reports You Can’t Live Without at Tax Time

You can use these reports as a jumping off point to get familiarized with your taxes—and tackle them a little earlier this year. (Read More)

Key Performance Indicators (KPIs) You Should Track for Your Small Business

A 2016 survey by Geckoboard found that nearly half of small and medium-sized business owners have failed to identify any Key Performance Indicators (KPIs). If you’re not monitoring KPIs, you’re losing out! (Read More)

Now’s the Time to Learn to Love Your General Ledger

The general ledger is very much a part of the accounting process. But the ledger is more than a master document and it’s certainly more than just another accounting record. (Read More)

Why You Should Track Your Business Expenses Daily

Expense tracking is beneficial despite how mundane the task can be. But, saving you time and stress in tax preparation is just the tip of the iceberg. (Read More)

US Tax 101: What Is a W9 Form?

When a business requests a W9 form, they use it to ensure they have the correct information to prepare a 1099-MISC form. (Read More)

US Tax 101: What Is an IRS 1099-MISC Form?

Form 1099-MISC is used to report miscellaneous payments made to non-employees, such as independent contractors. Read more to find out how this affects you, the small business owner. (Read More)

Canada Tax 101: What Is a W-8BEN Form?

Are you a Canadian resident or sole proprietor who receives payment from U.S. companies? You need to know about a W-8BEN Form. (Read More)

How Long Should You Actually Keep Your Business Records?

Record keeping isn’t fun. And outside of the tax world, there are few rules and little guidance on exactly what should be kept and for how long. Conventional wisdom when it comes to documentation is “better safe than sorry.” (Read More)



Tax Preparation & Audit Tips

Tackle Tax Season Early in 2019: 5 Tips to Get a Head Start

Filing early has a number of benefits. You can get your money faster if you’re expecting a refund or have more time to pay if you expect to owe. And of course, filing early can help you avoid being a victim of tax refund fraud by filing your return before the scammers have a chance to submit one for you. (Read More)

Bookkeeping vs. Accounting: What’s the Difference, Anyway?

Unless you’re an accountant or bookkeeper, you may struggle to answer this question, and understandably so. On the surface, these professions are very similar: Bookkeepers and accountants both work with financial data and help you manage your finances. But, despite obvious similarities and the morphing of job roles, bookkeeping and accounting are worlds apart. (Read More)

Why the Cloud is Your Ally at Tax Time—and Beyond

The National Small Business Association’s 2017 Small Business Taxation Survey found that one-in-three small businesses report spending more than 80 hours—two full work weeks—each year on federal taxes. That’s time spent organizing, planning and preparing taxes that could be spent working with clients, growing your business or enjoying life. So how can cloud accounting help? (Read More)

Small Business Owners: 5 Money-Saving Tax Tips

Tax time can be a stressful time if you waited until the last minute instead of preparing throughout the year. So here are five money-saving tax tips that will not only help small business owners prepare for this filing season but make tax time less painful for years to come. (Read More)

7 Tax Terms Entrepreneurs Should Know

Important tax terms that self-employed business owners must know, and more importantly, why they’re critical to understand. (Read More)

Home-Based Business Owners: 10 Tips to Ensure a Smooth Tax Season

When you file taxes as a solo business owner, things are more complicated than those days when you may have a received a tax form (W2 in the US) from a single employer. However, flying solo, you’ve also got plenty of opportunities to trim your tax bill. (Read More)

Fight Your Tax Fears: Do These 5 Things to Pass a Tax Audit

In 2015, the IRS audited 0.7 percent of all individual tax returns filed and 1.1 percent of corporate income returns. But if your business is one of the lucky few, taking the appropriate steps can help ensure this stressful event leads to a more favorable outcome. (Read More)

Partners to Help You Tie Up Year End and Prepare for Tax Season

From invoicing to capturing expenses on-the-go, as a FreshBooks customer you’ve mastered the basics of entrepreneur life. But that doesn’t make it challenge-free, right? As a small business owner, you need a Swiss Army knife of tools at your disposal. (Read More)

 

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FreshBooks is the #1 accounting software in the cloud designed to make billing painless for small businesses and their teams. Today, over 10 million small businesses use FreshBooks to effortlessly send professional looking invoices, organize expenses and track their billable time.

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