9 Tax Tips for the Spiritual Professional

by Colby Psychic Rebel
Tax Tips for the Spiritual Professional

As they say,  in life, there are two things for certain, death and taxes. For the spiritual professional, they may prefer the former; however, the latter is required by the government. To help ease some of the stress and worry at tax time, how about reviewing some helpful tax tips?

Having your taxes prepared can be a stressful experience for anyone; but it can be particularly uneasy for a spiritual worker who spends their time working with their right brain and naturally connecting to higher vibrations. Any spiritual professional working today can benefit from several tax tips.

Understanding all of the reporting requirements, deductions, and governmental compliance can be overwhelming! Realize there is tax help out there. Here are nine tax tips to simplifying your taxes!

Tax Tips #1 – Organize Your Expenses

Please, do not hand your tax accountant a shoe box full of receipts! In fact, don’t give them any receipts! Your accountant does not need to see or have your receipts. Instead, keep an excel spreadsheet that lists your expense categories and simply provide the totals. Most tax preparers bill the same way that lawyers do, on the time incurred.

If they have to go through to categorize and total your receipts, you’re guaranteed it will increase the time spent on your return and more than likely, result in a higher tax bill for you! As your business expands, you can always seek the help of a bookkeeper and an easy to use accounting software program, but the excel spreadsheet is a quick, organized and easy solution for the beginner.

Tax Tips #2 – Create a Filing System

Create your own personal filing system starting at the beginning of the year. Simply purchase a portable filing box or pendaflex-style organizer and label each tab with an expense category, such as: office expense, supplies, advertising, etc. As you accumulate the receipts, simply put them in the matching category.

At the end of the year, you now have all of your receipts ready to go! No searching for them! You then total the receipts in each category and then list them on the excel spreadsheet you created in step 1! Not only will you impress your accountant, but you will also feel a sense of ease not having to worry about finding and sorting a years’ worth of receipts all at once! After each category is totaled and your tax return is complete, take your receipts and put them in envelopes and label the expense on the front.