Tax season is finally here, which means gathering up all of the important forms, information, and resources properly so that you can file in a smooth and efficient manner. Large businesses have the luxury of hired personal CPA’s on hand to take care of everything easily, but for small businesses, however, that is not necessarily the case. Indeed, small companies require specific factors to be met to properly file, and any sort of mix up or mess up can set you back significantly. In today’s blog, the team at HWB Services will take a look at specific items you should have prepared in order to make way for a smooth filing process.
Appropriate Tax Forms
The truth of the matter is that the forms that your business is required to fill out depend largely on the type of business you own. Indeed, it is not a “one-size-fits-all” type of situation when it comes to filing your taxes, and submitting the wrong forms could be detrimental to the process. If you are uncertain about the types of forms you should be filling out, the IRS has a specific page on their website that can help you determine which form you need. Also keep in mind that your filing date may be impacted by your business type, so it is always beneficial to have a bookkeeping pro on hand to help you more easily wade through the unnecessary items and identify exactly what you need. For more information about specific tax forms and your business, contact our team today.
Consolidated Income and Expense Records
In addition to the appropriate forms, you will want to ensure that you have easy access to the appropriate consolidated income records as well as expense records. This step is largely to help verify your profit and loss statement. To help with this, you’ll want to make sure to bring the appropriate expense records as well, including receipts, bills, bank statements, credit card statements, and your 1098 Mortgage Interest & Property Taxes form. We have found that transitioning from traditional bookkeeping methods to online software make gathering these materials much simpler and efficient, saving you time and effort during the tax season.
Your Previous Year’s Tax Return
Bringing a copy of your previous year’s tax return helps tremendously in filing this year’s forms, as it not only helps your tax accountant get a better understanding of the functions of your business, but also provides quick information about the deductions your business has or has not been taking. For more information, contact our team today.
Contact our Team
There are a number of items you can have prepared to provide your tax accountant to make your filing process smoother. Contact HWB Services by calling 214-273-6599 to speak with a pro and find out other ways you can be prepared for the 2021 tax season.