While subtle changes have been made, you will recognize that its easy to use filing system, bright and cheerful colour and organization-made-easy appeal. New in 2014 is an added feature; an undated filing system with ready to use labels to keep you organized.
The 2013 tax season is sooner than you think, why wait to arrange your receipts. The Globe and Mail suggests that to really maximize small business credits, you must organize your receipts well before tax time! Here are some other great tips for small business owners;
1. Get organized with your receipts! Get a system like Simplicity Principle to help you stay on tops of your expenses so that you can maximize your return. You may even want to take photos of receipts to file them electronically as well.
2. Don't forget those easily missed expenses! Travel and entertainment costs, like business lunches, coffees, gas and car maintenance are often missed! Save all receipts and keep them clearly labeled.
3. Find an online calculator to determine the allotment to claim your home office, if you work from home. You can find this out by calculating the percentage of space in your home that you use for business. Multiply that amount by how many hours in the day you use that space for business and then divide that total by 24 hours. You would then multiply this new number by your home business expenses. This will give you the household cost you can deduct. Remember, if you run the business for only part of the week or year, reduce your claim accordingly.
4. Consider renting and not buying your computer equipment. Some small business owners can't be out of pocket when it comes to huge computer upgrade costs. Since hardware depreciates, you might want to consider adding a monthly rental cost to your business. This might be more manageable.
5. Don't miss deadlines! Take your filing system to a professional accountant or start your taxes on your own, long before they're due. Make sure you are aware of deadlines because missing them can be very costly!
Are you a small business owner? Get organized with this Special Offer for momstown readers: Order your 2014 Simplicity Principle today and receive a free 2013 Simplicity Principle.