Beat the Clock: Tips for Stre-Free Tax Prep by Pete Lorenco

Perhaps you've been in the throes of March Madness, whether to finally conquer your bracket or just distract yourself from the unending winter. As a small business owner, however, you know the scoreboard isn't the only ticking clock around.

Tax Day is just a little over a week after the Final Four wraps up in Dallas. If it feels like the madness won't end until 11:59 on April 15, here's a game plan for getting your documents in order this year-and avoiding stress the next time around.

Leverage the Hurry-Up Offense

If you're already working with a trusted vendor to manage your paperwork, it'll be a snap to prepare for April 15. If not, make the most of your time with these tips:

The tax code is even more complicated than the plot of Inception. But the basic gist is figuring out your company's revenue and expenses. A good first step is organizing your documents under those two umbrellas.

A big red flag for the IRS is when the income you report on your return doesn't match its records. Make sure you receive all the 1099, W-2 and other forms Uncle Sam puts under his magnifying glass.

For travel and entertainment expenses-a big trigger for audits-make sure you have copies of the original receipts. A credit or debit card statement isn't enough.

Make the Most of the Off Season

Once you break the full-court press of getting your tax return in, take some time to get ready for next year. Though that may sound like a drag, consider the fact that calling in a trusted vendor will make your life easier now-not just a year from now. A vendor can:

Help you devise a comprehensive plan to manage the tax documents you'll need.

Carry that plan out for you, freeing you up to focus on your business.

Help you to locate the documents you need, when you need them, with storage solutions that make the most sense for your business.

Free up your office space (no more balled-up receipts on the floor or overflowing file cabinets filling up the corners).

Help you breathe easier (you could handle an audit-no problem).

If you need any more reasons, check out an infographic that will give you a dozen. And now that you have expert help at hand, the only thing that could mess up your spring would be a last-second shot that ruins your bracket.

LINK:	http://blogs.ironmountain.com/2014/service-lines/small-business/beat-t...
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