News and Tax Tips

Organizing Your Business Tax Return Information

Presenting your business tax return information in a complete and organized manner will expedite the completion of your tax return and will reduce the amount of time necessary to prepare the return. What is the benefit to you of organizing your work in this manner? Your fees are determined by the amount of time it takes our staff to prepare your return – by being ultra-organized, you save time and MONEY!

Here is a checklist of information that you should provide with your business tax return information, even if you give us a Quickbooks disk.

  • December bank statement (reconciled if possible)
  • Receipts for all fixed assets purchased during the year, including automobiles
  • Business mileage for each auto used for business.
  • Closing paperwork for all new loans taken out during the year, including auto loans, showing amount of loan, terms, interest rate and amortization schedule, if available.  If no amortization schedule is available, we will create one.  If you have an existing loan and have not previously provided us with this information, please include it this year.
  • If your business has inventory, please take a physical inventory and provide the year-end inventory figure, at cost.
  • Amount of advances to employees, or payback of advances.
  • Correct year-end balances for all loans owed to the company or by the company.
  • 1099’s received by the business for interest income, dividends, etc.