Local Town Pages www.franklintownnews.com
Page 28
March 1, 2013
Having the Right Documents Makes Filing Accurate Tax Returns Easier Among the greatest enemies to the success of a business is mismanagement of resources. Maintaining accurate, organized financial records helps small-business owners keep an eye on how much money is coming in, and how much is going out and for what expenses. This type of good recordkeeping is a yearlong task that also can make filing accurate tax returns easier. Now is a good
time to make sure you know what documents you will need to file your taxes, which can save you time and money in April. The obvious components of good recordkeeping are being organized, and knowing which documents are important to have and how long to keep them. This even applies to small-business owners who leave the preparation of their
GETTING THE MOST BACK STARTS WITH GETTING THE MOST EXPERTISE.
tax returns to professionals; being knowledgeable about these documents means they will know what documents they need to keep, how long they need to be kept and how to get copies of them if needed. The envelopes of some important tax documents will actually have "important tax document" printed on the front. But, also be on the lookout for emails from financial institutions, brokers and others notifying you that tax documents are available via their websites. Small-business owners can use this list to help them begin to compile the documents needed to fill out their tax returns: • Prior year federal and state tax returns – Keep all business tax returns permanently, along with insurance records and legal correspondence • Business income records
7 E Central St, Franklin, MA 02038
n
508-528-6012
If you discover an H&R Block error on your return that entitles you to a smaller tax liability, we’ll refund the tax prep fee for that return. Refund claims must be made during the calendar year in which the return was prepared. OBTP# B13696 ©2012 HRB Tax Group, Inc.
Do you work for a company? Belong to an organization or association?
– Keep a record of all income in a ledger book or use a software program
If so, you may qualify for special group discounts on your insurance.
You could potentially save up to 10% on your auto and home insurance. Contact me today to see if you qualify!
Companies can participate in the event in a couple of ways. Held in conjunction with the
Who do you work for?®
MetLife Auto & Home is a brand of Metropolitan Property and Casualty Insurance Company and its affiliates: Metropolitan Casualty Insurance Company, Metropolitan Direct Property and Casualty Insurance Company, Metropolitan General Insurance Company, Metropolitan Group Property and Casualty Insurance Company, and Metropolitan Lloyds Insurance Company of Texas, all with administrative home offices in Warwick, RI. Coverage, rates, and discounts are available in most states to those who qualify. ©2011 MetLife Auto & Home L1111217862(exp0313)(All States)(DC) © 2011 PNTS 1110-3929
• Receipts, invoices and bills documenting business expenses – Keep these in addition to credit card statements because they are more detailed accounts of your transactions • Mileage log documenting car use for business purposes – Keep track of the purpose, date and length of trips • Utility bills and records of repairs done to home office – Keep track of the percentage you can claim as a business expense • Health insurance payment receipts – Keep these and other documents that substantiate the tax credits and deductions you claim.
Many important tax documents also are delivered to the IRS to ensure accurate income reporting and find audit candidates. Among the documents sent as part of this matching system are forms W-2 (wages), 1099-MISC (self-employment income), 1099-INT (interest paid) and 1099-B (sale of stock). If something shows up in the mail and you are not sure if you will need it in April, save it because a professional bookkeeper or accountant can help you know exactly what you need based on the type of business you operate. For more information, contact an H&R Block tax professional. To find the nearest H&R Block office, visit www.hrblock.com or call 800-HRBLOCK. Or visit your local office at 7 E Central St, Franklin Ma 02038. Office Manager and Tax Professional Raymond Andolfo
Athena Award Luncheon & Women in Business Expo The United Regional Chamber of Commerce is hosting its annual ATHENA Award Luncheon and Women in Business Expo on March 14. The ATHENA Award recognizes the accomplishments of an outstanding, community-minded professional who assists women in reaching their full leadership potential.
Kevin Flanagan or Stacey Tyalor Property & Casualty Specialists 257 Simarano Dr Marlborough, MA 01752 508-533-7160 or 978-433-7821 kflanagan@metlife.com or staylor1@metlife.com www.massautoinsurance.metlife.com
* If storing your records electronically, make sure the system is compatible with IRS electronic storage system requirements
ATHENA luncheon, the Women in Business Expo provide opportunities for womenowned or women-managed businesses to feature their products and services. Another way for companies to get involved is by providing springthemed centerpieces for the luncheon. The event begins at 11 a.m. at Highland Country Club, 104 Mechanic St., Attleboro. The cost of the luncheon is $30 per
person. The cost to exhibit at the Women in Business Expo is $99 for United Regional Chamber members, including one luncheon reservation, and $149 for non-members, including one luncheon reservation. Contact the Chamber to reserve a Women in Business Expo space, reserve a luncheon seat, or provide a centerpiece. Call the Chamber at (508) 2220801, (508) 528-2800 or (508) 695-6011.
We publish the 1st of every month. Advertisement and editorial deadline is the 15th of each month.