Tax day was was last week in America, and I saw so many posts about how stressful it has been and how so many have actually filed extensions. I have five tips that you should implement right now to make tax time next year easier and less stressful.
- Hire a tax professional. Just trust me and do it.
- Set aside a percentage of your revenue each month to put towards your taxes. Consult your tax professional for the exact percentage. This varies depending on where you live and each individual household.
- Have a separate business checking account.
- Create a Google drive folder and create a Receipts folder for each tax year and create subfolders for each month of the year.
- Create an income spreadsheet for each year. Project your income and expenses for each month and then go back in at the end of each month to update with the actual numbers.
Disclaimer: I am not a tax professional or expert, but these five tips have helped me so much.