Reports and Tax preparation
Image courtesy Inman.com
The time is finally here & the Year-End-Tax Alarm about to sound!
Here are few tips to help you be fully prepared for your Year-End-Taxes using UnitWise:
- Update your trip logs to record your mileage used throughout the year for your business : Accounts>Trip Logs> Add Trip Log. This can be tracked from UWnow.com or our Ipad & Android tablet apps.
- Keep track of all your personal use, demo, charity & expired products, Click here to see how.
- Remember to count and reconcile your inventory just before the end of the year or before you record your first sale of the new year. Reconciling your inventory will allow you to correct any discrepancies and it will also give you an accurate inventory on hand value for your taxes . You can use the Inventory by Category Report in UnitWise to get an easy reference list. If any discrepancies are found, you can refer to Inventory Audit Trail Report to find the history of a particular product in your inventory. Later, you can update quantities quickly with the Inventory Bulk Edit feature.
- Gather other important receipts for your business expenses, double check that they have been entered in UnitWise with the Profit and Loss Details Report (Home>Reports>Year End Tax report>Profit and Loss details). If any expenses need to be entered, just go to Accounts>Expenses>Add Expense or Bulk Add Expense.
After that you can go to Home >Reports and run all reports in the Year End/Tax section for the period of your fiscal year. For more information, view our Year-End/Tax Reports Video
Your totals for Personal Use/Demo/Donations etc can be used as write offs for your taxes. For detailed information on running reports for personal use, demos, donations,etc please view this video
Of course, UnitWise heroes are not tax advisors and don’t claim to be, so be sure to talk to your tax advisor for the best, stress free tax season this year.
Also, check out our sister product ExpressTaxFilings , to quickly and easily E-File your 1099 & W-2 forms.
If you have any questions about how UnitWise can help you to file your taxes this season, please contact Heroes at 704-234-6006 or email us at Heroes@unitwise.com.
UnitWise is not affiliated with Mary Kay, any suggestions given above are for educational purpose only. Please consult with your Sales Director or Senior Sales Director before adopting a new business strategy. This blog is not a professional financial advice, please seek professional help before filing your taxes.