From the course: Taxes for Small Business
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Tax planning tools
- So, it's pretty clear that tax planning is a year-round effort. In your personal life, you may be able to take a less formal approach to tracking expenses and receipts, but in business it's critical to be well-organized. That's where tools come in. The days of stuffing receipts into a shoebox for an accountant to go through are long gone. And, really, do you want to be paying a professional their high hourly rates to do menial work, like categorizing receipts? All tax authorities require documented proof of expenses. But now there's apps that can help you with this. If you're a contractor or freelancer, Anoo lets you easily swipe expenses into tax deductible categories and predict your tax responsibility. Painless1099 is a U.S.-based app that lets contractors simulate withholding or pay-as-you-earn-tax, putting money aside for tax, so that you're not caught short at tax time. Then there's software platforms, like FreshBooks or QuickBooks, where you can connect your bank account…
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