If you keep an organized description of your company earnings earnings and expenses, you will find tax preparing easy. If you are unsure how to create and description your company earnings and expenses see my related articles on retention company Records Organized and A simple Bookkeeping System.
Gather your bookkeeping records and the summary spreadsheet I discussed in A simple Bookkeeping law for your tax preparer. Give him or her printouts of all the backup sheets as well. In addition to the records of your earnings and expenses by category, your tax preparer will need the following information:
Cell Phone Backup
Miles driven for business. The Irs requires a written record, not an estimate. Often a calendar with the destination and mileage works well, although some company owners prefer a mileage log they keep in their car. company use (as a percent of total use) for shared expenses such as cell phone and Internet use. Only the company part is tax deductible. Date and purchase price of tool that will be used for more than one year such as computers and printers. facts on your home office (if it is used exclusively and commonly for your business) such as the square footage of the whole home and your office space, the purchase price, cost of utilities, mortgage interest, insurance, etc. Sales tax you collected and paid to your state government Contributions to Iras and self-employed retirement plans (Sep Ira, Keogh, etc.) Value of your catalogue at the end of the year. Do an catalogue count close to the end of the year. description the quantity of each item and its cost to purchase (not the estimate your hope to payment for the item).
Do your description retention and filing in small bits all year long, instead of waiting until tax time to fetch all your information. Start a simple description retention law now and you will have a best idea of how your company is performing and will find convention facts for your tax preparer much simpler.
Get Ready For Tax Time For Small BusinessesRelated : rack shelf equipment Target Telescopic Sight Case Rackmount
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