What Does My Accountant Need to Prepare My Business Tax Return?

Are you ready to get your taxes done? In this episode, Alisa discusses the essentials of getting your business tax return done, including what documents to gather, how to store them securely, and tips for talking to your CPA. Learn why it’s important to be prepared for tax season with an organized system of records, which includes entity type, tax form to file, tax deadline, and all necessary documents. Hear about the advantages of using QuickBooks Online to store e i n numbers, profit and loss reports, balance sheets, receipts, bank statements, credit card statements, payroll records and sales tax payments. Find out about estimated tax payments, deductions and credits, filing an extension and paying your tax liability. Get advice on alternatives if you cannot afford to pay your taxes. 

Key Highlights:

[00:01 - 02:19] Organize Your Financials and Streamline Your Processes: What You Need to Know Before Preparing Your Business Tax Return

• Working with an accountant will cost less if all information is gathered ahead of time
• Need business profit and loss, gross income, sales records, invoices, salaries, receipts
• Know business entity type and what tax form will be filing

[02:20 - 04:39] Understanding Tax Deadlines and Storing Documents Securely for New Clients

• QuickBooks Online is a great way to store documents in a secure way
• Payroll records should be available regardless of what software is used
• Sales tax payments and supporting reports should be stored

[04:40 - 06:55] Get the Information You Need to File Your Taxes and Know Your Tax Deductions and Credits

• Gather documents on estimated tax payments
• Track business mileage in QuickBooks
• Ask CPA about available tax deductions and credits
• Have information ready when asking questions 
• Research alternatives for paying tax liability 
• Rely on professionals for help creating a successful business

Resources Mentioned:

QuickBooks Online, Patriot Software, Gusto

Key Quotes:

“If you're gonna ask the questions, know the answers ahead of time about what number it is.” - Alisa McCabe

“Don't not pay your taxes because you can't afford to. That makes things much worse. ” - Alisa McCabe

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

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