Getting Your Office Ready for the 2011 Tax Year with DYMO

Getting Your Office Ready for the 2011 Tax Year with DYMO

So the first week of January has come and gone and we are set for 2011 – or are we? Are you so focused on getting the books closed and paying the tax bills for 2010 that you are neglecting getting ready for the 2011 tax year? Well don’t worry, our friends at DYMO have some tips that will help you get your office 2011 taxes organized using their labelers!

1. Create a file folder for employees that you pay via 1099. Since you don’t know who they will be yet, a generic folder will help you at year’s end to locate their files and will work as a double check to your accounting software. Create a simple log that has the name and business as well as the amount paid out. You can even put their social security number or Federal ID number on the sheet for quick reference. Figuring your 1099’s will be a breeze! Then when you actually generate the 1099’s you can put your copies in this folder!

2. For those companies that may need to be issued a 1099 form, there is a secondary thing you can do to help you locate them quickly at tax time. Simply label their company folder in a different font and size from the others in your vendor/consultant files. You can even use a different colored print on the label to make it even easier for you! These simple changes will stand out and be easy for you to pull their file if you need to for 1099 reference.

3. Create a folder for your annual contributions. If you contribute a great deal, create a log similar to #1 above and just keep summary information on it.

4. Missed tax deadlines can be costly with late fees and fines. To be sure you pay on time, create a folder that has a summary of all the due dates on it as well as websites to pay and complete your return online. You can label it “Taxes Due This Year”. If you list by month the taxes that you have to pay, such as quarterly CA Sales & Use taxes, or Quarterly Payroll Taxes, you simply have to check it on the first of the month to determine what has to be paid and what files you will need to pull to complete the return!

5. Sometimes we are not sure if something is deductible or needed for the preparation of the yearly tax return. Create a file folder, “2011 Tax Prep” and place a copy of these items in that folder. It could be a purchase of supplies or equipment, a donation, or a sale of machinery – make a copy of the pertinent documents, write on the back why you think it may be important, and file it. When you meet with your tax preparer, bring that folder with you and go over each item. Because you wrote on the back why you think it may be a deduction it will help your preparer in the determination.

6. As new employees come into your company, you will need to set up employee files AND you will need them to complete a W-4 and a W-9 form. Create a folder for each and keep copies of the blank forms with your new employee package for ease in completing. You will also need to keep the blank W-4 forms on hand for any payroll changes your current employees would like to make.

To really make these folders pop, use the DYMO LabelManager 360D-Rechargeable Desktop Label Maker. It’s lightweight, lithium-ion battery powered (rechargeable), with a two-line LCD display. The drop in cartridge makes changing the label easy and fast. Like all DYMO label makers, it is easy to use, with multiple fonts, colors, and label sizes—so your 2011 tax files can be bold and beautiful!

Disclosure: This is sponsored content and we have been paid to do this post. That being said, we do not blog about anything we do not believe in and DYMO did not edit my post or direct its content in any way.