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: you use QuickBooks Self-Employed which is linked to your bank account to sort transactions, it’s automatically tracking your mileage and you’re snapping photos of your receipts to keep them all in one place.
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!
There is never a bad time to get your shoe box of documents from the previous calendar year and to start gathering everything you need.
Get Organized 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.
- QuickBooks Self-Employed is a great tool to get organized and start tracking all of your expenses. The sooner you start, the easier tax season will be!
- Ensure you’re 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.
Tips For Getting Started
- Sign-up for QuickBooks Self-Employed and connect to your bank account to help you get organized sooner rather than later
- 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
If you’re using QuickBooks Self-Employed you will have access to an organized tax summary report so that you know how much income you’ve earned, your total expenses and which categories your deductions and expenses fit into. This will help you fill out your T2125 quickly and efficiently, so you can get filing.
Even if you still keep all your receipts in a box under your desk, TurboTax Self-Employed helps make filing your income taxes smooth & easy.
But, if you feel a bit overwhelmed, consider TurboTax Live Assist & Review, Self-Employed, and get unlimited help and advice as you do your taxes, plus a final review before you file. Or, choose TurboTax Live Full Service for Self-Employed and have one of our tax experts do you return from start to finish.