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3 Business Tips for Getting Organized for Tax Season

Tax season is upon us, and it’s important that businesses of all types are prepared. From keeping track of business tax receipts to filing the correct tax forms in a timely manner, Factor King is here to help with these tips for getting organized this tax filing season!

  1. Add Important Tax Dates to Your Calendar: While April 15th is the biggest deadline, you also want to make sure you receive any W-2, 1098 or 1099 forms on time as well. Forms 1099 must be mailed by January 31, however, wait to mail the government copies until the February 28 due date. This gives you a chance to make any corrections that may arise after you send to your independent contractors for review. Add these dates and set reminders on your online calendar and never miss another important tax deadline.
  2. Organize Your Document Files: Whether you manage all of your reporting electronically with software like Quickbooks coupled with a document scanner like Neat, or if you choose to keep paper files, it’s important to establish a grouping system. This will ensure that the information is easy to find for not only preparing a tax return but also should an audit arise. Group together income statements and documents which may include W-2, 1098 or 1099 forms, as well as paid invoices and any other evidence of income received in the past year. Deductions can also be grouped as a separate category with receipts and documents related to any items that may count as tax deductions.
  3. Keep Up-To-Date on Tax Laws. As a business owner, you probably already get expert advice regarding tax law, but it’s also a good idea to keep an eye on the news for anything that might affect you or your business. The Pulse news reader app is a great way to categorize news topics to get the latest tax news delivered directly to your mobile device. This will ensure you know about any changes in tax provisions that could apply to you.

Did you know that Factor King® offers a quick and easy way to get cash for your business and can also function as your record-keeping department? Factor King is a direct financial service provider that specializes in the factoring of invoice receivables for companies that maintain commercial accounts receivables. We can manage your record keeping and offer fast processing of accounts receivable payments.  Apply now to convert your company’s assets into immediate cash!

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