Tax season can be stressful, especially when the stakes for small business owners are already so high. When tax season rolls around, you can trust your taxes to an experienced tax accountant. With some basic documents, your tax accountant can fill out your forms and maximize your return.
Here are some of the things you need to bring your tax accountant so they can prepare your taxes:
- Last year’s tax return
This will help your accountant understand which credits or deductions you claimed in past years. It will serve as a yardstick for what this year’s return should look like based on what growth you’ve seen and the changes you’ve made.
- Articles of Incorporation
- A partnership agreement, if applicable
- Record of any changes in ownership
These documents will help the accountant understand not only your company structure but also any changes you may see in your returns. This way, you can file the right forms and claim the right deductions, all while minimizing your risk of an audit.
- Accounting records
- Bank statements
- Credit card statements
- Payroll reports
Using these documents, your accountant will be able to see things like what healthcare benefits your company offers. These details help your accountant understand which forms need to be filed and which expenses need to be accounted for.
- Detail of asset purchases
- Detail of asset dispositions
- Depreciation schedules
These documents help your accountant determine your company’s net worth. Your net worth is more than just the amount of money your company makes, it’s also the worth of the assets you still have. These documents will paint a fuller picture of your company and its finances for your tax accountant. With the proper information gathered, your tax accountant can assess which deductions or credits you qualify for. Arriving at your tax appointment with these documents and records will also save you time and money. Tax accountants often partner with accounting firms that will do tax preparation for the companies they prepare tax forms for. An accountant doing tax prep will come prepared with the list of documents your tax accountant will need. This includes reconciled bank statements, detailed accounting records and other records for your tax accountant to document. With an expert tax accountant from Better Accounting, your tax season will be a breeze. Whether it’s a tax credit or a more detailed list of available deductions, our tax accountants will maximize your return and minimize the amount of time you have to wait for it.
A Continuing Education
As the year draws to a close, business owners face a critical task: preparing for tax season. Effective year-end tax planning can help you minimize your tax liability, ensure compliance...
In financial management, the roles of bookkeeping and tax preparation are often seen as distinct functions. However, having the same accountant handle both can be a game-changer for businesses and...
Freelancing offers a world of flexibility and personal responsibility, especially when it comes to managing your finances. Effective bookkeeping is not just a good practice, it’s an essential part of...