There's an old notion of getting a
visit from the tax man. As if today's income tax is some reverse
Santa Claus taking a percentage of toys from boys and girls based on
income level and number of dependents. We should be so lucky. There
is no gentleman knocking on our doors and handing us a bill. It's up
to each individual to recognize that it's that time of year. They
have to do their own math to figure out what they owe (or pay someone
to determine what to pay). Most importantly, everyone needs to have
the pertinent information available in order to prepare their taxes.
For businesses, that means they not
only need to have their own finances in order, they need to provide
W2 forms for their employees. The sooner they're sent, the happier
the employee.
For smaller businesses that don't
outsource their payroll, Tops makes it easy to order and print their
own essential tax forms. These W-2 forms are compatible with laser
printers and can be printed directly from payroll software. Tops also
provides envelopes to ensure security, along with 1099 forms and matching envelopes.
The real key to avoiding stress at tax
time is to be prepared in advance. Throughout the year, keep all tax
information in some sort of file. Track deductions throughout the
year with a planner rather than try to go back through old receipts
and figure out which purchases are applicable. This helps in the
event of an audit as well, as that kind of documentation is hard to
forge in hindsight when planners from the previous year go out of
stock. If you're filling out the forms by hand, you'll also want a
calculator, a reliable pen with anti-alteration features, and, let's
not kid ourselves, correction tape.
Finally, with so much sensitive
information out in the open, some of it may need to go away when the
filing's done. Households and businesses alike will want to make sure
their shredder is up for the task.
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