Moving out of the Shoe Box: Tips to Take Control of Your Money Once and For All!
How do you keep your tax-related records?
Do you have them in a shoebox? Or in a plastic bag? In your car? Or all over the place?
Alternatively, maybe you’re completely organized and have all your receipts, matched with your credit card statement(s) and your bank account(s) inputted into QuickBooks Self-Employed and you have a corresponding calendar and mileage tracker?
If you are the latter, then you already know the benefit of being organized and how valuable it is to keep on top of your finances when you’re self-employed.
If you are the former, don’t worry, because the majority of Canadians are just like you, and we are going to give you some tips to help you take control of your finances the right way, at the right time.
The right time, by the way, is now!
January is the perfect time to set aside your shoe box of documents from the 2018 calendar year and to start gathering everything for the 2019 calendar year.
Here’s why you should get this done right away:
- Instead of having to drop everything during the last 2 weeks of April to figure out if you owe the CRA money, you will know on a daily, weekly or monthly basis.
- If you wait until after tax reporting season has concluded, the thought of having to input 4, 5 or 6-months of information into your QuickBooks Self-Employed is a daunting task and can easily be put off.
- Your Tax season begins today – at the beginning of 2019 – so keeping, tracking, and organizing tax-related documents has to be kept apart from last year’s stuff
- It’s always better to know what you are entitled to claim at the beginning of the year, rather than after you’ve filed.
- Having all of your information available makes your year-end tax filing through TurboTax Self-Employed so easy that you it will no longer be an event, but rather just another accomplishment.
Some tips for getting started:
- Purchase and Download QuickBooks Self-Employed
- Grab all of your tax-related papers and start inputting – notices, receipts, expenses, statements, etc.
- Set up a time each day, or each week – during the day – to input the information. It’s a job-related task and leaving it until the evening is generally a bad idea.
- Make sure that time is a time of the day / week where no one calls, or there are no meetings, and nothing that can distract /prevent you from devoting the time to this task.
With everything inputted, organized and in order, and with business booming because of the additional time you have been able to spend working rather than worrying, there is no reason to fret as the tax season approaches.
Fast forward to tax-filing season
Purchase TurboTax Self Employed, sit back, and keep focus on the day-to-day operation of your business.
TurboTax Self Employed is meant for you. It was created for self-employed Canadians like you. It knows you. It understands you. It likes you. It is your friend.
If you have a full-time job and part-time self-employed income, it understands.
If you have a full-time job and casual income, it still understands.
TurboTax Self Employed takes the stress out of tax filing and gives you an advantage over your competitors who are searching for receipts, missing expenses, and losing money while you are able to file your taxes quickly and easily, and can focus on busi