Here are a few tips and reminders to avoid getting caught in the crunch.
- Check your employees and vendors to be sure all of the data is complete and up-to-date for W2 and 1099 form preparation.
- Have a special folder handy (this is good for your personal info also), marked 'Tax Stuff' so you have a place for all of the forms and bits information that you receive and gather as you go along.
- Make copies of bills for capital purchases during the year, as well as any other major transactions made during the year, such as a sale of assets or a loan you have received. Write down the date of any major events that affect your business, such as a major personnel change or change in operations.