It’s not uncommon for business owners to be unprepared or even a little stressed when it comes to filing taxes. With so many other tasks at hand, it can be overwhelming to try and stop everything else just to focus on taxes. Knowing that your accountant will need certain paperwork and files in order to complete your tax filing, it’s a good idea to have these documents handy. This can help you feel more prepared and less stress.
Here are some of the most important documents your company needs to have ready for your accountant as you file taxes:
Vehicle Log and Information
Whether your business uses its own fleet of vehicles for work or you find that you need to use your own personal vehicle from time to time, keeping record of operating expenses and repairs is crucial when filing taxes. Be sure you are keeping a detailed log of vehicle use and expenses for your accountant. This doesn’t have to be anything fancy – even a notebook with handwritten dates and mileage information will work.
Capital Asset Activity
If you bought, sold, or disposed of any capital assets in the company during the year, you must account for it in your tax return. To make this process go as smoothly as possible, be sure you keep a list of all capital-asset activity for the year and give this to your accountant.
Bookkeeping is an essential part of the success of any business. If you have strategies in place that help you keep accurate records of balances, income and cash-flow, you will be ahead of the game when it comes time to file your taxes. Be sure that these records are presented to your accountant so the they can use them to file your taxes appropriately. In many cases, your accountant will already have access to some of these records.
Home Office Expenses
You may be able to claim deductions on your taxes based on your home office expenses. If you work primarily from home or regularly meet your clients or customers there, you can and should claim home office expenses as a deduction. These expenses might include utilities, repairs, maintenance, home insurance, and sometimes mortgage interest or rent. Keep receipts and payment information documents so they are ready for your accountant.
These are just a few ideas of documents that you should have on hand as you prepare for your 2015 taxes. Work closely with your accountant throughout the year so that you are ready and avoid any undue stress as tax season approaches.
Have More Questions About Your 2015 Company Tax Documents?
Call Hacker Accounting today for more information on filing your 2015 taxes for your business or for yourself.