November: Time to get Taxes in Order
By Jeanne Davis, Virtual Jeannie Business Services
You may think “it’s only November,” but the end of the year will be here before we know it. Below are some tax-related housekeeping items that could save your CPA save time and yourself some money.
Bank Statements: By bringing in your year end bank statements (the ones dated 12/31) or if you have statements that end mid-month, bring in the December and the January statements. This allows the CPA to verify your cash balances and make sure you haven’t missed reporting any income or checks that might have been missed.
Credit Card Statements: For similar reasons as the bank statements, by bringing in copies of credit card statements that either end on or cross over the 12/31 deadline, your tax preparer can verify the balance owed on your account an make sure there are no duplications. They can also make sure that any transactions that took place in December are recorded and counted for the year.
Donations (cash and property): Bring in copies of donation “thank you” letters or copies of cancelled checks to verify cash / check donations. If you received a receipt for donated property, bring that in as well. It goes to verify what was actually donated.
Business Loan Paperwork: Did you borrow money from someone, or a financial institution? Bring in the loan paperwork so that the loan may be recorded properly and added to your books. The interest may be tax deductible and you will want it recorded properly.
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Monday, November 2, 2009
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