A Business Checklist For Tax Day
Welcome back! We hope you have been learning a thing or two about your business accounting practices while reading our blog posts because now is the time to put all your knowledge into action – it’s time to file your taxes! We have many new clients who feel rather unprepared when springtime rolls around so we have compiled a short list of must-haves for filing your business taxes to help you get started. Here is an easy to follow checklist for tax day:
- Gather all financial documents: This includes income statements, balance sheets, and expense reports.
- Organize receipts: Throughout the year keep track of all receipts and invoices related to business expenses.
- Review employee payroll records: Double-check that all employee payroll records are accurate and up-to-date. Prepare all required forms such as W-2 and 1099s.
- Determine any deductions: Identify all deductions your business may be eligible for, such as depreciation, interest, and charitable donations.
- Check for any tax law changes: Keep up-to-date with any changes to tax laws that may affect your business.
Now, that might sound like a daunting list, and we agree entirely. Luckily, here at Moose Creek Bookkeeping, we have mastered the art of accounting and guiding business owners like yourself through the muddy waters of preparing for taxes. We have helped countless companies become more organized and accurate when it comes to year-round bookkeeping, resulting in a relatively stress-free tax season.
In addition to the items listed above, there are a dizzying amount of documents necessary to file a corporation’s taxes, depending on the nature of your business and how your sole proprietorship, corporation, or LLC is set up. Although our work is different from the work done by a CPA, we are knowledgeable on exactly what paperwork your business is expected to fill out. Working alongside your CPA, we will make sure you have everything necessary to file your business taxes, avoiding any costly mistakes. Some oversights can rack up sizeable penalties including misclassifying employees, missing tax deadlines, and losing track of receipts… all of which we are here to resolve promptly and effectively.
By joining our esteemed client list, you will be able to gain accounting knowledge, while also gaining time, as we handle the nitty gritty of bookkeeping – so you can focus on your passions. Reminder, it’s never too late, or too early in the year to seek help with your books. We offer a judgment-free zone guaranteed to improve your books and your confidence in them.