Documents To Keep In Handy For Tax Preparation
Tax preparation is all about preparing tax returns such as income tax returns
. This can be done either by the tax payer or by a professional, such as an attorney, an agent, a certified public accountant, or a tax preparation business firm. The income tax laws of the United States are a bit complex, which prompts taxpayers to ask for assistance with their taxes.
In preparing tax returns, it is advisable to keep specific documents at hand. One of these is business tax return of the previous year. This can give helpful information about patterns of that years tax preparation and can be a guide for the coming years tax returns. Useful information include the federal tax ID number, the date when the business was started or incorporated, the business code number and activity descriptions, among others.
It would also be ideal to gather accounting records. These are income and expense records, which will serve as foundations of the tax return. Balance sheet information is also necessary, which is dependent on gross receipts and assets. Compile information in a spreadsheet to make it more easy and convenient to access.
Credit card statements can also serve as good reference. This is very helpful for small business owners doing
business tax preparation in San Jose. Small businesses do not have the luxury of monitoring everyday expenses like meals, equipment, supplies and gas; however, these details are very vital in calculating write-offs. Credit card statements can show these expenditures which will make it less of a hassle for the taxpayer.
Details on depreciation schedules can also further assist taxpayers in doing
business tax returns in San Jose. These give details on the depreciation on assets. These should include asset description, date put in service, original cost of asset, depreciation accumulated, recovery and period of asset.
Payroll reports can also come in handy for a
San Jose tax preparer. These make sure that the payroll tax expenses in accounting records are correct. Other documents that taxpayers will need are details of asset purchases, asset dispositions, vehicle information, and a partnership agreement. These documents are useful in easing the processes in tax preparations.
by: Rob Flare
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