An experienced small business accountant can have your state and federal tax returns prepared quickly and accurately and also save you a significant amount of time. Making sure they have the information they need to do your taxes accurately and successfully is key to saving you money, so to help you start getting your resources together (and keep up with them throughout the year), we’re sharing the documents and information necessary for small business tax preparation.
Whether you have a sole proprietorship, limited liability corporation, or s-corporation, your business taxes pass through to your personal taxes, so it’s important to have correct personal identification information as well as business information so your return doesn’t get sent back. You’ll need a form of identification, such as a driver’s license, as well as your social security number and the social security numbers of any dependents.
Your tax return from last year provides an accountant with a good foundation for where to start preparing your new return. Not only will they be able to see much of the personal and business information they’ll need, like the employer identification number (EIN), they’ll see which deductions you’ve been using in the past and what you may be missing out on.
Your accountant will need basic financial statements, including:
While your financial statements provide an overview of important information, your accountant will also need more detail in order to ensure accuracy and to take full advantage of any deductions you may be eligible for. Be sure to provide the following:
Your employees should receive a W-2 wage and tax statement by January 31, and any independent contractors or freelancers you hire should have a Form 1099-MISC of their income. Make sure you not only provide your employees with wage information, be sure to provide records to your accountant, too.
We understand that maintaining records and documentation throughout the year can be challenging. Our accounting firm offers comprehensive small business monthly bookkeeping services and financial statement preparation as well as tax preparation to help you save time and improve accuracy. Schedule a consultation with us today at (919) 420-0092 or fill out the form below to learn more about how we can help you all year long with your bookkeeping, financial statements, and tax preparation.