Preparing Your Business for Tax Season

Here is a list of action items that you may need to take to ensure that your business tax filings are accurate:

  1. Financial Reconciliations Reconcile all bank accounts & credit card accounts to ensure that your financial statements are accurate and to eliminate any additional or duplicate income or expenses that may exist in your books.

  2. Contractors & Employees Update all contractors and employee data for proper tax filings. Please note the new IRS Form 1099-NEC for Contractors.

  3. Asset Information Gather all receipts, documents and reports related to your assets to ensure that they are properly recorded and updated.

  4. Loan Information Gather all records for any loan payments and accrued interest to ensure that these are properly recorded and updated.

  5. Deductible Expense Information Gather all deductible expense records, statements and receipts to ensure that you have proper documentation to verify these deductions.

  6. Inventory Total If applicable, take an updated year-end inventory to apply against your opening balance inventory for proper tax filings.

  7. Previous Year Filings It’s important to bring your previous years filings with you when working with your tax accountant to assist with further clarity on this years’ filings.

  8. Call for Help! If you are not confident that you’re ready to begin filing this years’ business taxes or if you need help in the future to alleviate the confusion and pressure that preparing for tax season can bring then please call us @ 614-900-5753. We’d be glad to bring some clarity and preparedness to this aspect of your business.

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