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What Your CPA Will Need Before Filing Taxes

Tax preparation for your small business is time consuming and overwhelming, and unless you're highly familiar with the tax code, you may be missing valuable deductions. Many small business owners prefer to work with a qualified CPA to make sure their return is accurate, on time, and they are receiving all the credits and deductions they qualify for. If you're planning on working with a small business accountant in Raleigh for your taxes, we're sharing what documents and information you need to share in order to get an accurate, error-free return.

Information for Personal Tax Returns

If you have a "pass-through" business, such as a sole proprietorship or limited liability corporation (LLC), you'll also need  to provide your personal financial information for your tax returns. This includes:

  • Copy of previous year's return (new clients only)
  • Social security number
  • Spouse's full name and Social Security Number (SSN)
  • Ex-spouse's SSN and amount of alimony paid (if applicable)
  • All dependents' names, dates of birth, and SSNs
  • W-2 form from employer
  • Other income forms, such as 1099-MISC (freelance/self-employment income), 1099-G (unemployment benefits), 1099-INT (interest income), and 1099-DIV (dividend income)
  • Form 1098 (mortgage interest statement)
  • Form 1098-T (tuition statement), 1098-E (student loan interest statement), or other documents related to qualifying education expenses
  • Records of both cash and non-cash charitable contributions
  • Documents related to other types of itemized deductions, including medical expenses, unreimbursed job expenses, and job hunting expenses
  • Records of IRA contributions
  • Any other miscellaneous forms, receipts, or records sent to you for tax purposes

Small Business Tax Documents

No matter what kind of business entity you have, including a corporation, you'll need to provide the following documentation:

  • Estimated tax payment receipts
  • Year-end balance sheet and profit & loss statement
  • Year-end business bank account and investment account statements
  • Employer's annual wage report (W-2) and transmittal form (W-3)
  • All payroll tax forms for the year, including 940, 941, and state-related withholding and unemployment forms
  • Records regarding expenses for business use of vehicles
  • Information related to home office deduction
  • Business expense documentation

Please note that you may not receive formal documentation for all of the deductible items or expenses mentioned above or for other special circumstances related to your filing status. In those cases, it's important to still note down dates, amounts, and other pertinent information for your accountant to review. If necessary, our office can also provide you with a preliminary organizer to help get your paperwork in order prior to your appointment.

Contact Us for Small Business Accounting Services Raleigh Today

We offer business and personal tax return preparation for our monthly business accounting clients in the Raleigh area. If you would like to work with an experienced small business CPA who can provide you with an accurate, timely tax return while minimizing your tax liability, we can help. Gather your documents, and reach out to our CPAs in Raleigh today to set up a consultation by calling us at 919-420-0092 or fill out our contact form.

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