Use Your Smartphone To Make Your End-Of-Year Tax Preparation Easier
There are now three things that are certain in the world: death, taxes, and smartphones. Most people today have a smartphone device that is constantly on them -- so why not leverage that technology to make end-of-year tax preparation easier? The ease of your tax preparation will always depend on how timely and accurate your records are. An always on device that is always with you can help.
Automatically Record Your Receipts
Cash receipts can be very hard to track, but there are times when it just makes sense to deal in cash. If you often find yourself paying for meals and entertainment out of pocket, an app can help you with that. You can automatically snap photos of your receipts and have them recorded and waiting to be entered into your accounting system.
Track Your Gas Mileage and Travel
There are many apps that are directly related to corporate travel. Not only can they track gas mileage and other travel-related expenses, but they can even perform complex tasks such as company vehicle depreciation. Travel costs and transportation costs are among those that are most commonly forgotten by business owners because they tend to occur spur of the moment.
Book Your Transactions Directly
If you have an accounting suite that can be accessed remotely, a smartphone device may just let you enter in your transactions as they occur. Cloud-based accounting systems can be accessed from virtually any web browser, including the one that is on your phone. Get in the habit of booking your transactions consistently, and you can be sure that none of your expenses are lost.
Record Your Charitable Giving
Similarly to expense trackers, charitable giving trackers will track how much you've given to charity. And that doesn't just have to be in cash; you can also track goods that you gave away, such as clothing or even old cars. Charitable giving is a direct deduction on your tax return, but it's very easy to forget exactly what you've given and when. More importantly, these apps can also record digital copies of your proof -- something that you'll need in the event that you're audited.
The more information you can give to your tax accountant, the faster and more affordable your taxes will be. By recording all of your transactions and ensuring consistency, you'll be able to get the heftiest tax breaks and reduce your risk of an audit. For more help, contact a company like HBE Becker Meyer Love LLP.