Preparing Tax Records for Your Accountant
Things We Need From You:
The list below should assist you in gathering the necessary documents before you visit us. Please use it as a guide; not all documents may suit your situation.
Financial Statements
Financial statements for the business and yourself, if required. Include:
- Profit-loss Statements
- Income Statements
- Cash Flow Statements
- Balance Sheets
If you do not have these, we will create them.
Payroll Information
Payroll information (wages for employees or for yourself - officer compensation)
If you do not have these, we will create and file them with the taxing authorities.
Bank Statements
Bank statements and canceled checks.
Business Expenses
Receipts For Business Expenses
- Travel
- Advertising
- Consulting & Labor (including cash and temporary laborers)
- Rent
- Utilities
- Insurance
- Bank & credit card statements
- Office Supplies
- Maintenance
- Telephone
- Internet
- Raw Materials
- Repairs and Maintenance
- Postage & Shipping
- Taxes and Licenses
- Legal and Professional Fees
Motor Vehicles
Motor vehicle expense information
- Business Use of Auto
- Operating Expenses
- Cash Flow Statements
- Vehicle Driving Log with total & business miles driven
Startup
Business startup and organizational costs.
Asset Sales / Purchases
Asset purchase or sales during the year.
- Furniture
- Improvements to Office
- Land
- Buildings
- Vehicles
- Machinery
- Etc.
Previous Tax Returns
Previous year's tax return.
If you do not have these, we will create and file them with the federal, state, and other local authorities.
Business From Home
Use of home details.
If your home is your principal place of business, (or if you use the workspace in your home to earn business income and use it regularly to meet with clients, customers, or patients) provide supporting documentation.
Taxes Paid / Installments
Taxes paid and dates of installments in the previous year.
All Income
Income from all sources.
The following are considered as business income (please contact us for personal income). Not all are taxable, but most are required to be reported:
- Rental income (Rents from personal property)
- Partnership Income
- Gig income
- Royalties
- Virtual Currencies
- Bartering
- Other miscellaneous income (contact us for details)
Goods and Inventory
Cost of goods sold and inventory - if applicable.
- Expenditure for goods purchased which will be resold for a profit
Contractors
If you hired contractors, we will file the appropriate Form 1099s