How Ready Are You For The Tax Ready?

Posted on 25/02/2017

Have you started your tax prep for your small business yet? It’s about time you started prepping and it’s not very late to hire a tax preparer to help you out with it. There can be umpteen questions to start like who can be your my preparer? Am I choosing the right person? Can I still prepare taxes on time? So on and so forth. Before you think through all these, if you think that you can’t file your returns on time, do not have inhibitions in applying for an extension using Form 4868. For all you know, an accountant at this point in time may not have time to accommodate you on board; so it is good to know the list of papers you will need for your tax preparation.

Tax time

Use the simple guide below to start prepping for your tax returns, and if you have started already using the guide to check if you have everything intact:

  1. Completed check book statements, bank account details, savings account details, cash on hand, credit details, and any other banking details
  2. Credit record should include the business loan that is outstanding, credit card statements, any vendor credits.
  3. List your receivables- you will need to have an e-list of the account receivables. Reports can be generated easily if you are using software like QuickBooks. If you find it hard to organize this, you can bring together all your physical invoices, cash drawer receipts, other receipts, and any other paper bills you have and have an accountant organize things for you.
  4. Include the entire inventory such an inventory amount in the beginning, total at the end of the year, and inventory which includes personal use, damage, and spoilage.
  5. Expenses- Again, expenses have to be e-listed. Fret not if you do have your e-list. It is perfectly okay to have a box of papers and receipts and you are not the only one to carry all your expenses physically. Hire an accountant who can help you organize everything for you.
  6. Keep track of the paid employee wages, such as forms W-2, W-3, MISC-1099 and 940.
  7. Insurance- your business insurance costs, fringe benefits, and let’s not forget the health insurance costs everything should be included. Ensure that you have calculated the premium dollars that is if you are paying your and your employees health insurance costs.

Should you have any questions or need assistance with tax preparation, contact Joyce @ +1-516-717-2049 and free yourself.

Topics: Financial Reporting , Outsourcing Accounting , Taxation

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