As an accounting major in college, I quickly learned all of the complicated parts of the accounting cycle. I discovered how to input the details of business transactions into a computerized accounting system. At the end of an accounting cycle, such as a month, I became experienced with calculating the revenue for the period. If you’re starting a new business, determining an accurate amount of revenue for each accounting cycle is crucial. You must know how much profit you’re making each accounting period in order to be successful in the long-term. On this blog, you will discover how an experienced accountant can help you keep track of your revenue.
When you are getting ready to meet with your tax preparer, you want to make sure you come fully prepared. This way, you can have your taxes taken care of before you leave the office. There may be a lot of items you need to bring with you, and you can learn about them in this article.
Personal information
You want to bring social security numbers for yourself, your spouse, your children and anyone else you will be claiming on your taxes. You also want to make sure you have everyone's birth dates. Bring your vehicle information including the amount of miles you drive in a year and the amount of business miles you drive, the amount of tolls you have paid. You also want to bring information on your child's day care and receipts for payment to the day care center.
Financial information
Bring all the income information for yourself and your spouse, such as W2s or 1099s. You also want to have proof of the amount of child support you received, proof of rental income and information for any and all other types of income including gambling wins or prize money. Bring the information on your IRAs, social security payments, dividend income, and income from stocks.
Education information
You need to bring your 1098-T and 1098-E if you received them. Also bring paperwork proving what you paid to the college and any paperwork regarding scholarships and grants.
Deduction information
Bring proof and totals of any and all of your deductions. This includes receipts for meals, business clothing, hotel rooms, phone bills, materials you purchased for the business, utilities used to run the business, inventory, employee related expenses, medical insurance, real estate and personal property tax information and any other documents for other expenses related to your job. You also want to bring information on expenses relating to your vehicle if you drive for your job. Bring receipts for gas, car washes, oil changes, tune ups, car insurance, licensing fees, smog fees, registration fees and repairs.
Disaster information
If you were a victim of a natural disaster that tax year, then you also want to bring records showing your losses and what you paid out. Also, bring proof of anything paid out by insurance and any forms given to you by FEMA.
By making sure you have everything you need with you, it will be much faster and easier for you to file your taxes. Talk to your tax preparer, one like Alexander & Associates CPA, to get a more concrete list of everything you need to bring.
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