Zinman & Company

Tax season is here, but if you have not yet scheduled your tax appointment, please remember to check out our blog about what documentation accountants need to file a tax return. Contact us today at [email protected] if you have any questions. https://buff.ly/1rXGUTg

10/10. Final post in our series: payroll. A business tax return will also require information regarding employee payroll. To that end, provide your accountant with your employees’ names and SSNs, as well as how your employees are classified (i.e. full-time, part-time, or contractors). Your accountant will also need any W-2s, W-3s, and 1099-MISCs you have on file for the tax year. While not exhaustive, this series of ten posts should provide you with an idea of what information your tax accountant needs to prepare your returns! Please reach out to us if you’d like assistance filing your business tax returns or to speak with one of our experienced accountants today at 215-357-2250 or [email protected].

9/10. Next in our series: deductions. When you work with an accountant to file your business return, one of the greatest advantages is their knowledge about deductions you may qualify for. Be prepared to provide receipts for business travel expenses, utilities payments, charitable contributions, marketing expenses, health insurance costs, legal fees, and more. If you have company vehicles, provide mileage logs for each vehicle. If you work from home, you may be able to deduct “home office expenses”. If you have any questions, please contact us at 215-357-2250 or [email protected].

8/10. Next in our series: business expenses. Any accountant you choose to partner with to file your business tax return will need information/documentation about your business expenses. This includes any bills you paid during the tax year, recent credit card statements, and receipts for business purchases. Before your tax meeting, you should confer with your accountant to determine if they’d prefer you bring the original receipts for their review or just a summary report of your expenses. If you’re unsure whether something qualifies as a business expense, feel free to contact us at 215-357-2250 or [email protected].

7/10. Next in our series: loans and income records. It’s important that your accountant understands and can account for the ways in which you fund your business and the income you make. You should provide documentation that supports any loans or grants, including receipts of funds, payment records, and reimbursements. Additionally, documentation regarding the income your business generated may include company bank statements, sales invoices, and deposit slips you accrued over the year. Any income earned from investments (eg real estate, stocks, bonds) should also be reported to your accountant. Should you have any questions about income reporting on a tax return, please contact us at 215-357-2250 or [email protected].

The structure you choose for your business has implications upon your personal and professional liability as well as your finances. Our most recent blog explores the Uniform Partnership Act as well as the most common business structuring options. Click the link below to check it out and contact us today at [email protected] or 215-350-2250 to learn more. https://buff.ly/4hVhIQB

6/10. Next in our series: financial statements. Your accountant will need to review certain key financial statements to further understand your business’ financial wellbeing and to ensure accuracy while preparing current year’s return. Financial statements such as your business’ Balance Sheet, Cash Flow Statement, Profit and Loss Statement, and Income Statement are all good starting points. Additionally, it’s important that you apprise your accountant of any capital assets that you’ve bought, sold, or traded during the tax year. Such assets might include: buildings, equipment, land, patents, copyrights, trademarks, or company vehicles. If you need assistance filing your next tax return, contact us today at 215-357-2250 or [email protected].

5/10. Next in our series: business returns. Similar to personal returns, a business tax return requires certain identification as well. Provide your accountant with: (1) the Social Security Numbers (SSNs) for you, your spouse, and your dependents, (2) your Employer Identification Number (EIN), (3) the addresses of your home and business, and (4) your business’ name and entity type. Similar to a personal return, you should also provide your accountant with the previous year’s business return. For assistance filing your business tax return, contact us today at 215-357-2250 or [email protected].

4/10. Next in our series: expenses. Provide your accountant with documented expenses to they can accurately calculate any deductions/credits you may be eligible to receive. This includes any invoices, bills, receipts, student loan payments, child care costs, contributions to charities, and more. When it comes to filing a tax return, and accounting for expenses, you’d rather be over-prepared and come with too much documentation instead of too little. Feel free to contact us at 215-357-2250 or [email protected] if you have any questions.

3/10. Next in our series: deductions. provide your tax accountant with any documents pertaining to deductions. For example, real estate holdings can be a source of deductions, as well as automobile donations to tax-exempt organizations, student loan interest payments, and more. Contact us at 215-357-2250 or [email protected] to learn more about possible deductions.