Tax season is just around the corner, and before you know it, you’ll be compiling documents to take with you to your tax prep appointment. However, as a small business owner, knowing what you need to bring can be even more confusing. The experienced team at Michael C. Davis, CPA in Stow, OH, wants to help.

Below, they explain which documents you need to bring with you to your appointment to ensure your business’ taxes are filed on-time:

• The Right Identification: When you file your taxes as an individual, the government uses your social security number to track your return. As an owner, you’ll need to provide your business’ tax identification number. This helps the IRS track your business without confusing it with any of your competitors. Bring your personal social security card as well, especially if you’re planning on filing your personal taxes at the same time.
• Business Financial Statements: When you file taxes for your business, your CPA will need a clear picture of your organization’s financial activity. Bring your income statements for any money earned, as well as your company’s balance sheet showing your expenses and current liabilities. The more your CPA understands about how your financial year was, the more they’ll be able to help maximize your tax return.
• Expense Statements for Business-Related Activity: Did you use your car to get to business appointments or stay in a hotel for an out-of-town meeting with a client? If so, bring those receipts and statements with you to your tax prep appointment. Often, these little expenses can offset a portion of your tax liability, helping you get more from your return.
• Office Expense Statements: If you run a business out of your home, you may be able to deduct a portion of your regular expenses from your business-related taxes. For example, a portion of your utility cost, as well as rent or mortgage payments, can often be deducted from your taxes. Furthermore, if you acquired any additional equipment or upgraded your technology to keep up with your business’ growth, those costs may help reduce your tax burden. When in doubt, bring the receipt and expense statement with you. Your accountant will let you know if you can use it.
• Form 1098: If you have a mortgage on your office building or paid property taxes throughout the year, you’ll receive a 1098 form. Bring this with you, as a portion of the interest paid can often be deducted from your taxes. If you have not received your 1098 form by the end of January, call your lender and ask them to reissue one.

Tax time can be stressful, but with help from a qualified CPA, the process can be virtually stress-free. Let the dedicated tax prep specialists at Michael C. Davis, CPA take the worry out of filing your return this year. Learn more about their services online, and call (330) 376-1099 to schedule your consultation today.