A Quick List to Prepare Yourself for Tax Time!

Is it time? Are ready to do your taxes? The first thing you need to do is set up an appointment with your accountant or a tax professional (or are you planning on tackling them yourself?). Then, so you’re prepared, gather all the necessary paperwork together. In addition to all the information you need to complete your personal taxes you’ll also need your business records. Here’s a basic list of what you’ll need:

• Last year’s tax return
• Accounting records: If you use accounting software such as QuickBooks, print out a Profit and Loss and Balance Sheet Report. It’s much easier at tax time to have organized accounting records.
• Bank statements and Credit card Statements: These will become especially important for gathering income and expense information if you don’t keep monthly accounting records. Make sure you reconcile the statements to be sure they’re in balance.
• Vehicle information: Mileage Log and Maintenance Receipts so you can take the tax credit if you use your vehicle for business.
• Home Office Information: Square footage of office space & total square footage of your home, mortgage or rent information and utility bills.
• Payroll reports: If you have employee’s you’ll need these to verify against your accounting records to make sure you have the correct information.

If you like working with lists (and who doesn’t) H & R Block has a list for Business Tax Return Preparation that you can download, that way you can check the items off and make sure you’ve got everything you need.

Download the list here:
H & R Block Small Business Tax Prep  Checklist

And don’t forget! Since the information you need is really going to depend on you and the type of business you have, please check with your accountant or tax professional beforehand for anything additional they might need.

Thanks for reading and have a great day!