Hello SOTGC community,
It’s tax time, and every year it seems to be a last minute scramble for small-business owners to get ready to meet with their accountant. There are three simple things that you can do on your own to prepare for your pending tax meeting. Having these three tasks completed will also cut down on the time your accountant will have to research information, cutting the amount you’ll be billed.
- Contractor Info: If you paid anyone for services more than $600 during the year, you will be required to send a Form 1099 to the recipient. Make sure you have the contractor’s complete address, and either their Social Security number or federal ID number.
- Expense Account Info: To ensure that the corporation will receive a tax deduction for the business expenses being claimed, you will need to submit expense account data and reimburse check prior to Dec. 31.
- Financial report info: Review your profit and loss, balance sheet, and general ledger for mistakes or missing transactions. Make sure the bank and credit card accounts have been reconciled and that loan interest has been separated from the principal and accurately logged in your books. Do a final review of your accounts receivable and accounts payable reports. Make sure that the information is correct.
Like this helpful hint? Then head to the top of the page and SIGN UP to receive “Tips for Success” from SOTGC