Start the New Year with Good Bookkeeping Habits

▤ Summary

Big E-Z suggests the following steps to set you up for a new year of good bookkeeping: Organize Tax Documents: Gather and organize all the necessary tax documents from the previous year, including but not limited to: • Income statements (such as 1099s or W-2s) from clients, employers, and other sources. This involves developing strategies to legally reduce your tax liability, such as taking advantage of available deductions, credits, and tax-efficient investment options. • Determine your estimated quarterly tax payments and ensure you make them on time throughout the year to avoid penalties and interest. Good accounting software solutions can generate financial reports that make it easier to file tax returns accurately and on time. • Keep all tax-related records for at least seven years, as the IRS can audit your business returns within that timeframe.

▦ Linked Companies

Big E-Z Bookkeeping Co.

up to $1M