Year End Tax Prep Tips

It’s tax time (again) and although you won’t have all of your forms ready and willing to be filed, we want to make sure you're as prepared as possible for this upcoming tax season. Here are a couple of ways to help you get started:



GET YOUR FINANCIAL STATEMENTS TOGETHER.

Your full year balance sheet and profit and loss statement (p+l) are going to be your best friend when it's time to prepare your taxes. Take some time to review the year, and make sure you have your transactions categorized properly so that once the year ends, the only month left to manage will be December, which is a much easier lift.


REVIEW YOUR BANK STATEMENTS.

Don't have an accounting system yet? This is the time to start pulling together your bank statements to grab the appropriate business income and expenses so that you can accurately reflect your taxable income on the return. Need a template? We built one that can help.


TAKE NOTE OF CHANGES SINCE LAST YEAR.

Started a business? Bought a house? Had a child? Gained or lost a spouse? Make sure that your tax advisor knows of updates to look for this year so that the proper items are included in your return, enabling them to provide appropriate guidance based on your new tax situation.

Now you can use those first steps to get started on gathering the documents that will be needed for your tax return. Need help filing? Sign up for annual tax prep and filing service using this link.