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Before tax time rolls around this year it is a good idea to get yourself organized ahead of time so you are not digging through receipts and papers for your tax preparer on April 14th! A quick organizational tool is an expandable file folder you can purchase at any office supply store. Begin by labeling your folders. Common sections of your file folder may include:

• Pending Orders (Orders that are in the process of being shipped, completed, etc.)
• Paid Orders (Orders/Services that are completed and paid for)
• Bills Due (Invoices for items the company owes)
• Banking Information (includes Bank Statements)
• Receipts/Bills Paid (All other expenses that don't fall into the 5 categories below)
• Vehicle Information (Mileage Logs, Vehicle Maintenance Receipts, Licensing Fees)
• Insurance
• Charitable Contributions
• Advertising
• Fixed Assets (Any receipts for equipment, furniture, computers, etc that can be depreciated)
• Miscellaneous (For anything you just are not sure of!)
Review your Pending Orders folder monthly to ensure your orders are being completed and moved to Paid Orders in a timely manner. The Bills Due section of your file folder should be reviewed twice monthly to ensure payments are being made on-time. Here is a list of common business deductions to aid you in organizing your receipts:
• Advertising
• Bank Fees on Business Accounts
• Business Vehicle Expenses
• Commissions :%$amp; Fees
• Cost of Products
• Gifts to customers, suppliers, etc.
• Depreciation
• Dues for Trade Associations, Business-related organizations
• Legal :%$amp; Professional Services
• 50% of Meals :%$amp; Entertainment (be sure to note date, purpose, :%$amp; attendees of event)
• Office Expenses
• Travel Expenses
• Rent
• Utilities
• Services performed by Independent contractors
By utilizing this simple tool, it will not only keep you organized but it will save you precious time when Tax Season rolls around.