Choosing a Professional to Prepare Your Taxes for Small Business Owners – Professional Tax Services

You have always prepared your business’s tax returns yourself. However, your tax return has become more complicated due to the growth of your business or other factors. Thus, you have decided to receive assistance from a tax professional. The question is, how do you prepare for your meeting?
Hopefully, you have selected a professional with whom you will be comfortable and confident, as you may wish to continue using this professional for several years. Thus, you want your professional to understand your goals and objectives, as well as your personal and financial situation. If you have doubts about your choice, find someone else before it is too late.
You will be served best if you thoroughly prepare for your tax meeting. The better you organize your records, the less time your preparer will need to process your return. This also means greater accuracy and, perhaps, paying less tax and a lower preparer fee. Among the items you will need to present include:
• Personal ID and Social Security numbers, including those of your spouse and dependents
• Last year’s return from both the IRS and Franchise Tax Board
• Your home and business address (The IRS requires you to list a street address)
• 1099s and W-2s
• Your employer identification number if your business has a separate one
• Financial statements
• Purchases of business assets (computers, vehicles, equipment, etc.)
• Payroll records
• Home office and square footage of your office and home if you work from home
• Health coverage (1099 A, B, or C) and insurance premiums for you and your dependents
• A mileage log if you use your own vehicle for business
• Retirement plan contributions
• Estimated payments and the previous year’s over payments
• Cryptocurrency transactions
• Expenses for education and dependent care
• Categorized entertainment and meal expenses
• Receipts for business assets sold or purchased
• Product inventory if applicable
• Accounts receivable write-offs
• Property taxes
Charitable donations
• Rental property income, expenses, and transactions
Should you have any questions concerning preparation for your tax meeting, I encourage you to call us. If you are already a client, remember we provide unlimited complimentary tax-planning advice to our clients.
Professional Tax Services is a locally owned provider serving over 3,700 local residents and businesses. For more information, call 661-259-1967 or visit www.scvprotaxservices.com.