Here are a few useful tips when it comes to filing taxes, for both businesses and individuals:
1. Make sure all asset accounts are reconciled. (Not just bank accounts but inventory and equipment as well, for example.)
2. Make sure the Profit and loss statement accurately reflects the company’s profitability.
3. Meet with a tax professional now regarding any new or existing tax credits that may be available to your business and then review your company’s information to see if you qualify. Begin getting all the paperwork ready to start saving on taxes! (For instance, these credits could be based on types of employees hired or where the business is located.)
1. Make sure you know exactly all the forms you should be expecting. If you received any money from a retirement plan or work performed, you should be receiving a tax form for it.
2. If you plan on taking any deductions such as for a rental or itemization purposes, be sure to have all the expenses documented and summarized to save time (and money) in calculating.
3. Meet with a tax professional now regarding any new or existing tax credits/deductions that may be available to you. You may have had a life-changing event that entitles you to receive some credits and/or deductions.