La Crosse, Wisconsin
609 4th St S, Suite B
La Crosse, WI 54601

3 Records You Should Keep for Tax Season January 9, 2018

La Crosse, La Crosse County
3 Records You Should Keep for Tax Season, La Crosse, Wisconsin

The new year is finally here, which means it’s time to start planning your income tax returns. As stressful as this season can be for everyone, small business owners and self-employed workers face unique challenges. Collecting the documents and records you need in advance will not only make things easier on your accountant, but it can also reduce your tax burden by ensuring you get every deduction you qualify for.

3 Records to Collect for Tax Season

1. Earning Statements

Employees of a single company can just wait for their W-2, but things are a bit more complicated for business owners and contractors. Throughout the year, keep a record of your gross receipts, and keep them organized in case the IRS has any questions about your income. Independent contractors should keep any 1099s they receive, as well as copies of all your invoices.

2. Expense Receipts

accountantKeeping all receipts for deductible expenses can reduce the stress of tax time. Throughout the year, keep records of any business-related purchase you make, from office supplies and new equipment to travel expenses and marketing costs. Self-employed workers should also keep receipts for gas and mileage records for any business-related trips in your private vehicle.

3. Tax Records

If you pay quarterly income taxes, file away the paperwork and hold onto it for tax season. Your accountant will also want all records of payroll taxes you’ve paid throughout the year to ensure you’re in compliance with IRS codes.


Tostrud & Temp, S.C. employs a team of qualified accountants and offers a comprehensive range of services to businesses throughout the La Crosse, WI, area. With over 35 years of experience and in-depth knowledge of the constantly changing tax code, you can rely on their team to make filing your returns easy and stress-free. Visit their website for an overview of their services, or call (608) 784-8060 to make an appointment with an accountant today.

Other Announcements, Events and Deals from Tostrud & Temp, S.C.
4 Benefits of Hiring a Bookkeeping Service, La Crosse, Wisconsin
Tracking your spending and profit is crucial to keeping a business afloat. However, many business owners have difficulty handling this task alone. Fortunately, a professional more
How to Keep Records for Taxes, La Crosse, Wisconsin
Proper documentation is an essential part of preparing your tax returns. For this reason, most providers advise against throwing out or shredding papers until you’re sure you no more
4 Reasons to Start Retirement Planning While You’re Young, La Crosse, Wisconsin
While retirement may seem a long way away when you're in your 20s, it's never too early to start planning. In fact, saving even a little in your 20s pays off in the long run, and more
3 Ways to Decrease Taxable Income, La Crosse, Wisconsin
Tax season can be a stressful time of year, especially for those who anticipate owing the IRS money. Generally, the higher your taxable income, the more taxes you pay. While it’s more
4 Do's & Don'ts of Filing Taxes, La Crosse, Wisconsin
As tax season approaches, it's time to start gathering the appropriate forms and getting ready to file them. However, many people find this process stressful or confusing, which more