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Top tips for tax time from Warehouse Stationery

  • Opinion
  • March 10, 2015
  • Gretchen Lowe
Top tips for tax time from Warehouse Stationery

1) Create an organised system – A little bit of organisation can make a huge difference when it comes to your taxes. Keep your tax related paper work in a designated place and invest in a simple filing system that divides receipts and paper work

2) Sort your paperwork into categories – Save hours of sorting paperwork by creating categories. Whether in months, weeks or areas of expenditure, label each file individually and file things in the correct place as you go.

3) Maintain accurate records - and keep all your invoices and receipts in a safe place. You should keep all business records for seven years according to the IRD.

4) Claim expenses - If your business spends money on it, then you can probably deduct it from your taxes. All the allowances you and your business are entitled to – from capital expenditure and home office purchases, to travel and entertainment costs, are considered deductions for the cost of running a business.

5) Keep business and personal expenses separate - That means maintaining separate bank accounts and credit cards for your business.

6) Save time- Print online! Why not add hours to your day by uploading all your files for printing online. Many services will deliver them right to your business address.

7) Avoid leaving it all to the last minute -Enter your deductions into a spreadsheet monthly. If you can put aside a few minutes a month to add up your expenses, at the end of the financial year it will be a much more simple process to calculate.

8) Invest in online accounting software - such as Xero or MYOB, which can save you hours in time and money (by saving on an Accountant!). You’ll also be able to access your records at any time, from anywhere.

Warehouse Stationery also has some tips on preparing for the new financial year.

1)  De-clutter your office – Empty, shred (confidential documents) and get rid of everything that you don’t need or use. If it doesn’t work, send it out for repair or recycle it. If you haven’t used it in months and can’t think of when you’ll actually need it, out it goes! This goes for furniture, technology, supplies and even knick knacks. 

2)  Establish work zones – Decide what type of activity happens in each area of your office. You’ll probably have a main workspace (most likely your desk,) a reference area (filing cabinet, shelves, binders) and a supply area (shelves or drawers). Place the appropriate equipment and supplies in their proper area wherever possible.

3)  Get a good labeler – Choose a label maker that’s simple to use. Take the time to label shelves, bins, baskets drawers. Not only will it remind you where things go, but it will also help others who may have a need to find, use, or put away anything in your workspace.

4)  Organise your desktop – Now that you’ve streamlined your office, it’s a good idea to organise it. Use desktop organisers or containers to organise the items on your desk. Use trays for papers and containers for smaller items.

5)  Organise your drawers – Put items used together in the same drawer, stamps with envelopes and post-it notes with notepads etc. Use drawer organisers for small items such as paper clips and drawing pins.

6)  Invest wisely – Your office can run a lot more productively by investing in the right tools such as an ergonomic chair, a high performing computer and an efficient printer. 

7)  File weekly – Don’t let your filing pile up. Put your papers in a “To File” folder and file everything once a week. 

8)  Go paperless – Remember, it’s a requirement to keep business records for seven years, so investing in digital storage options like a personal cloud storage device or portable hard drive, can help keep everything digitally stored.

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