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Expert Tips to Get Your Life Organized in Time for Tax Season

Finance

Tax season can be daunting for anyone -- especially small business owners. The truth is that filing your taxes doesn't need to be stressful and the IRS is not the boogie man; a few organizational tricks and some pre-planning during the year can save filers a lot of time and make for smooth sailing come tax season.


Find a filing system that works for you

Receipts are your audit protection and it's important to keep them organized year round, regardless of the system you use. “While some may stuff receipts in old shoeboxes, scanning receipts at the end of the month and storing them on a computer is a great way to stay organized and decluttered. Organizing receipts by date and expense type can also help you avoid a panicked last minute tax rush. There are also apps that let you categorize your expenditure electronically, and if you want to take it one step further, you can create a separate bank account for your business transactions," says certified public accountant (CPA) and Taxfyle CEO, Richard Lavina.

Keep a separate bank account and a separate credit card for personal and business purposes.

“Maintain a log book to document your mileage and your business meals," says Sandra Eisele, principal with MBAF.

Make use of technology

If excel works for you, that is fine. “If not, consider using an accounting program such as QuickBooks. There are many apps available that let you scan and categorize receipts, log business miles, take notes, bill clients online, and so on. Consider now what you can do to make the process easier for next year," says Eisele.

Start getting your tax documents together early

This way you can chip away at what you need to gather, and you will have plenty time to get documents you are missing, says Eisele.

Be educated

“Read as much as possible about changes coming from the new administration. Lower tax rates may mean you want to defer income to 2017 if possible, or take the deductions available, such as expensing equipment purchases, in 2016," says Eisele.

Dig up every legitimate deduction you can think of

Include business gifts, meals and entertainment, home office deductions, cell phone, vehicle expenses for business use, equipment purchases, home internet cost, education cost and periodicals, and interest expense on business credit cards. Calculate both the standard and actual business mileage expense method to see which gives you the biggest deduction, suggests Eisele.

Consider contributing to a retirement plan such as SEP IRAs, Simple IRAs, or a Solo 401k.

Start to make monthly contributions to a plan if that would make it more manageable, says Eisele.

Mark important tax dates on your calendar

While April 18th is the biggest deadline this year, other important tax due dates are constantly changing and it's important to stay on top of them. “This year, small business owners should be aware that the deadline for C-Corporations (Form 1120) were pushed back a month from March 15 to April 15. Likewise, the due dates for Partnerships (Form 1120) and S-Corporations (Form 1120-S) were pushed forward from April 15 to March 15," says Lavina.

Don't be afraid to ask for help

Staying organized is only half of the battle. Come spring, everyone is looking for the highest possible tax refunds, but not everyone can be a expert. “Fortunately, it's never been easier to connect with tax professionals who know the ins and outs of tax law. Tools like Taxfyle offer affordable and convenient counsel from highly-skilled tax experts to help you reap the rewards of all of your hard work," says Lavina.

Folders, people, we need folders

You can label them with a pen but looking at a professional label gives each one weight and importance, so go ahead and invest in a label-maker. “Remember, this machine will come in handy when you want to identify your luggage from that of other travelers and sugar in a glass container from flour in the same glass container, so this tax season, treat yourself to a household of neatly identified items. For now, though, label your folders with, "Charitable Contributions" "Business Use Of Home & Car" "Business Travel" "Business Entertainment" "Casually, Disaster and Theft Loses." Now, it's time to head online to those credit card statements, scan each one with your eyes and print it when an expense will fit into the folders you've labeled. Highlight and tuck, highlight and tuck, highlight and tuck into the folders until you're good. You'll do the same with bank statements - your checkbook will help," says Brett Graff, The Home Economist a financial and lifestyle expert. You may this month have to invest a bit of time but the good news is you're ready for next year.

Tax season can be overwhelming and confusing

Thanks to technology, there are several smartphone apps that can help us stay organized. “IRS2Go delivers daily tax tips in easy to read English, you can also check the status of your refund, among other things. MileIQ is a convenient mileage tracker to easily record tax-deductible business travel. The app automatically detects your drives and logs the miles. Users can also create custom drive and vehicle categories and set drive times to work hours only. If you travel a lot for business, Expensify makes tracking expense reports easily by keeping note meals, and other tax deductible expenses. And, if you lost your receipt, Expensify can sync your credit card to pull up a list of purchases that can be categorized! “says Amy Rice, Gadget Expert for Gazelle.

Culture

A Modern Day Witch Hunt: How Caster Semenya's Gender Became A Hot Topic In The Media

Gender divisions in sports have primarily served to keep women out of what has always been believed to be a male domain. The idea of women participating alongside men has been regarded with contempt under the belief that women were made physically inferior.


Within their own division, women have reached new heights, received accolades for outstanding physical performance and endurance, and have proven themselves to be as capable of athletic excellence as men. In spite of women's collective fight to be recognized as equals to their male counterparts, female athletes must now prove their womanhood in order to compete alongside their own gender.

That has been the reality for Caster Semenya, a South African Olympic champion, who has been at the center of the latest gender discrimination debate across the world. After crushing her competition in the women's 800-meter dash in 2016, Semenya was subjected to scrutiny from her peers based upon her physical appearance, calling her gender into question. Despite setting a new national record for South Africa and attaining the title of fifth fastest woman in Olympic history, Semenya's success was quickly brushed aside as she became a spectacle for all the wrong reasons.

Semenya's gender became a hot topic among reporters as the Olympic champion was subjected to sex testing by the International Association of Athletics Federations (IAAF). According to Ruth Padawer from the New York Times, Semenya was forced to undergo relentless examination by gender experts to determine whether or not she was woman enough to compete as one. While the IAAF has never released the results of their testing, that did not stop the media from making irreverent speculations about the athlete's gender.

Moments after winning the Berlin World Athletics Championship in 2009, Semenya was faced with immediate backlash from fellow runners. Elisa Cusma who suffered a whopping defeat after finishing in sixth place, felt as though Semenya was too masculine to compete in a women's race. Cusma stated, "These kind of people should not run with us. For me, she is not a woman. She's a man." While her statement proved insensitive enough, her perspective was acknowledged and appeared to be a mutually belief among the other white female competitors.

Fast forward to 2018, the IAAF issued new Eligibility Regulations for Female Classification (Athlete with Differences of Sexual Development) that apply to events from 400m to the mile, including 400m hurdles races, 800m, and 1500m. The regulations created by the IAAF state that an athlete must be recognized at law as either female or intersex, she must reduce her testosterone level to below 5 nmol/L continuously for the duration of six months, and she must maintain her testosterone levels to remain below 5 nmol/L during and after competing so long as she wishes to be eligible to compete in any future events. It is believed that these new rules have been put into effect to specifically target Semenya given her history of being the most recent athlete to face this sort of discrimination.

With these regulations put into effect, in combination with the lack of information about whether or not Semenya is biologically a female of male, society has seemed to come to the conclusion that Semenya is intersex, meaning she was born with any variation of characteristics, chromosomes, gonads, sex hormones, or genitals. After her initial testing, there had been alleged leaks to media outlets such as Australia's Daily Telegraph newspaper which stated that Semenya's results proved that her testosterone levels were too high. This information, while not credible, has been widely accepted as fact. Whether or not Semenya is intersex, society appears to be missing the point that no one is entitled to this information. Running off their newfound acceptance that the Olympic champion is intersex, it calls into question whether her elevated levels of testosterone makes her a man.

The IAAF published a study concluding that higher levels of testosterone do, in fact, contribute to the level of performance in track and field. However, higher testosterone levels have never been the sole determining factor for sex or gender. There are conditions that affect women, such as PCOS, in which the ovaries produce extra amounts of testosterone. However, those women never have their womanhood called into question, nor should they—and neither should Semenya.

Every aspect of the issue surrounding Semenya's body has been deplorable, to say the least. However, there has not been enough recognition as to how invasive and degrading sex testing actually is. For any woman, at any age, to have her body forcibly examined and studied like a science project by "experts" is humiliating and unethical. Under no circumstances have Semenya's health or well-being been considered upon discovering that her body allegedly produces an excessive amount of testosterone. For the sake of an organization, for the comfort of white female athletes who felt as though Semenya's gender was an unfair advantage against them, Semenya and other women like her, must undergo hormone treatment to reduce their performance to that of which women are expected to perform at. Yet some women within the athletic community are unphased by this direct attempt to further prove women as inferior athletes.

As difficult as this global invasion of privacy has been for the athlete, the humiliation and sense of violation is felt by her people in South Africa. Writer and activist, Kari, reported that Semenya has had the country's undying support since her first global appearance in 2009. Even after the IAAF released their new regulations, South Africans have refuted their accusations. Kari stated, "The Minister of Sports and Recreation and the Africa National Congress, South Africa's ruling party labeled the decision as anti-sport, racist, and homophobic." It is no secret that the build and appearance of Black women have always been met with racist and sexist commentary. Because Black women have never managed to fit into the European standard of beauty catered to and in favor of white women, the accusations of Semenya appearing too masculine were unsurprising.

Despite the countless injustices Semenya has faced over the years, she remains as determined as ever to return to track and field and compete amongst women as the woman she is. Her fight against the IAAF's regulations continues as the Olympic champion has been receiving and outpour of support in wake of the Association's decision. Semenya is determined to run again, win again, and set new and inclusive standards for women's sports.