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Tracking expenses and revenue is a critical part of any business, but it’s also one of the least favorite chores for most entrepreneurs. Bookkeeping and business tax preparation are time-consuming and often tedious tasks, requiring attention to detail and diligent record-keeping. Local, state, and federal tax laws are constantly in flux, making it more of a challenge.

However, there are ways to keep your bookkeeping and business tax preparation on track. Clark W. Terrell CPA in Crossett, AR, the leading choice for comprehensive accounting services in Ashley County, offers a few tips:

  • Stay on Top of Your Bookkeeping: It doesn't take long for bookkeeping tasks to pile up, becoming a chore that could take days or weeks to untangle. Once you lose sight of your company’s finances, it’s like operating in the dark. Set aside designated periods a few times each week to catch up.
  • Business tax preparation Crossett ARKeep Track of Documentation: You can't deduct expenses you can't prove, so keep relevant receipts together. As you pay business expenses throughout the year, add new invoices and receipts immediately so you won't have to hunt them down during tax season. Careful record-keeping will keep you from forgetting important expenses you could have deducted on your tax return.
  • Avoid Combining Personal & Business Expenses: If you're a sole proprietor or independent contractor, you might be tempted to mix your personal and professional finances or use a single account. While the differences are indistinguishable to you, the Internal Revenue Service might disagree, so it's a good idea to keep your personal and professional finances separated.

If you need personal accounting, business tax preparation, or any other specialized accountant service, rely on Clark W. Terrell CPA to take financial matters off your hands so you can focus on building your company. Visit their website to learn more about their wide range of services and call (870) 364-5006 to schedule an appointment.

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