Want an easy way to make tax time less stressful? Have all your documents organized, accessible and easy to find all year round. When you sit down to fill out the return, all you have to do is plug in the numbers that are already at your fingertips.
Once upon a time, staying organized meant dealing with many bits of paper: adding them up, filing them, and trying to find them again later. Now, a cloud storage solution can eliminate all those hassles.
Xendoo offers its clients cloud storage space for uploading documents and sorting them by year. Looking at an online menu is a lot easier than digging through filing cabinets. Plus, it’s accessible from a computer or smartphone anytime, anywhere.
Business Tax Forms Checklist
Here are some of the most common documents small business owners need to complete their income tax return. Proof of income, such as Form 1099 or W2
Proof of previously paid taxes, such as estimated quarterly tax
Receipts for deductible business expenses such as telephone/ISP charges, travel expenses, professional and legal fees
Receipts for deductible capital expenditures
Receipts for depreciating equipment
Deductible salaries and benefits paid to employees
Receipts for home office expenses such as repairs and utilities
Interest paid on mortgages, business loans, education loans and business credit cards
Property insurance premiums
Receipts for charitable contributions
Personal Tax Forms Checklist
If your business is registered as a sole proprietorship, partnership or limited liability company (LLC), you’ll probably use one return to report both business and personal income. Some of the items above can also be deducted from your personal income, such as mortgage interest and charitable contributions. In addition, you may be able to claim:
Homebuyer tax credits
Child care and education costs
Medical expenses (if high enough to be worth itemizing)
Imagine having all this information just a click away. That’s how cloud storage saves you time and effort, not only in preparing this year’s income tax return, but also in checking and comparing the data from previous years’ returns.
If you’re not sure which small business tax forms you need, or want help clarifying your tax situation, don’t hesitate to contact a Xendoo tax expert. Along with professional advice, we’ll give you the peace of mind that comes with filing an on-time, error-free return. And that’s priceless!