Taxes 101: Tips for a Smooth Tax Appointment

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As a small business owner, working on your taxes can be very stressful. However, you can gain vital support by working with a team like ours that specializes in small business tax services. Once you know this, all you need to do is make an appointment and gather your paperwork while we handle the rest.

Taxes 101: Tips for a Smooth Tax Appointment

Wondering what you can do to make the appointment go smoother? Consider the following list of things that can help:

  • Business Records: This includes income statements, like sales receipts, bills, bank statements, and 1099 forms. Additionally, you should collect any receipts for expenses like food, supplies, rent, and utilities. Another thing to consider is mileage logs if you use your car for work. You might not realize it, but the miles you drive might be tax-deductible.
  • Inventory Records: You need to show proof of inventory you bought, sold, and more during the tax period. For less stress, be sure to keep up with this all year, rather than when it’s time to do your taxes.
  • Statements: To accurately complete your taxes, you will need a balance sheet that shows how much money your business made, how much it spent, and its net income or loss for the tax year. Also, a cash flow statement keeps track of the money coming into and going out of your business to get a sense of its flow and how it’s running.
  • Last Year’s Taxes: Bring a copy of your tax return from the previous year for reference and to make sure that your information is correct. Also, if you made estimated tax payments throughout the year, you should bring proof of these payments.
  • Employee Information: This includes payroll records, payroll tax returns, and any other records that document wages, tips, and different benefits. Also, if you have independent workers on your team, we will explore the need for 1099 forms during your appointment.