Our team at Mynell Counting House wishes you a very Happy New Year!!
We are very excited to be back in the office and starting our new year out right. We are beginning the year with cleaning up QuickBooks files for our clients and closing out 2024 for the CPAs.
Now is the perfect time to review your accounting procedures and consider what your CPA or tax preparer will need from you. Taking action now, while the details are still fresh in your mind, will save you from last-minute stress later.
Below is a list of items you’ll likely need to provide to your CPA to file your taxes or prepare your K-1 reports. If you need assistance gathering these documents or organizing your financial records, reach out to your bookkeeping professional or schedule a call with us to see how we can help.
5 Most Important Things to have ready for tax filing
1. Financial Statements
- Profit and Loss Statement (P&L): Shows income and expenses for the period, providing an overview of business profitability.
- Balance Sheet: Details assets, liabilities, and equity to show the company’s financial position.
- Cash Flow Statement: Tracks cash inflows and outflows, highlighting liquidity.
2. Tax Documents
- Prior-Year Tax Returns: Helps establish a baseline for deductions and compliance.
- 1099 Forms: For income received from independent contractors or other entities.
- W-2 Forms: For employee wages and tax withholdings.
- Estimated Tax Payments: Receipts or records of any quarterly tax payments made.
3. Detailed Expense Records
- Receipts and Invoices: Proof of business expenses, categorized by type.
- Mileage Logs: If claiming vehicle expenses.
- Home Office Records: If applicable, square footage details and associated expenses.
4. Bank and Credit Card Statements
- Statements for all business accounts, including checking, savings, and credit cards, to reconcile income and expenses.
5. Payroll and Employee Information
- Payroll Records: Including taxes withheld, benefits, and bonuses.
- Employee and Contractor Details: W-9s, 1099s, and other relevant forms for contractors and freelancers.
Having these documents prepared and well-organized will streamline the process, reduce errors, and help your CPA maximize deductions and financial planning opportunities.