The end of year tax return must be the most stressful part of running your own business. It is even worse if you have earnings abroad and have to fill in tax returns from those countries as well.

How can you make life easier?

1. Start an accounts system. This can be in a hardbck ruled ledger that you can buy from any stationery store.

2. Keep receipts for everything. Enter these into your accounts once a week, or once a month

3. Enter any payments made to you in your accounts system as soon as you get them. (more…)

When you finally decide it is time to prepare your taxes, the first question is whether you should itemize your deductions or take the standard deduction provided by the IRS.

Choices, Choices…

Tax deductions are a very simple part of a theoretically simple tax reporting system. If you’ve ever prepared your own taxes, you know this simply isn’t true. Complicated tax forms can be a nightmare to fill out. Ever helpful, the IRS gives you an option of just taking a standard deduction instead of itemizing your deductions. So, what should you do? (more…)