December 13, 2007, 11:24 am
Income tax troubles
As a sole proprietor turns to FSB for help filing his income tax, we turn to you readers to help navigate the world of federal and state tax forms. What advice can you offer to ease the pain of tax season?
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The most important single advice to ease the burden of filling out your taxes, specially for business owners, is that you must keep records of every income and expense involved in the operation of your business since the first day of the new fiscal year until the last one.
The second most important one is to keep your business transactions separated from your personal ones.
Thirdly. Take your time while doing your taxes, rechecking every entry and calculation on the tax form to rule out any mistake.
It is also recommended to keep copies of the tax return forms for at least 3 years.
I hope this help. workonline