Monday, February 18, 2008

Well-kept books will make tax time easier

NEW YORK — Income tax-filing season is often a trying time for small-business owners, but the Internal Revenue Code is usually not the culprit — tax professionals say it's procrastination and poor record-keeping that causes most of the problems.

The owners who are frantic at tax time are often ones with very small companies and few or no employees, so they do everything themselves. They may have the best of intentions, but they just don't get around to inputting income and expense data into the accounting programs in their PCs because they're so busy working with customers or coming up with new products or services. Or, they never bother to learn tax and accounting basics that are critical for keeping their companies healthy.

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