Do you own a small business? If so, you may have already set up your annual business tax return preparation meeting with your accountant. To stay organized, consider having a list of items prepared for the meeting. The experienced accountant at Joe Heard, CPA in Checotah, OK, outlines the items you need for your small business tax return preparation, below. 

Necessary Items to Prepare for Your Small Business Tax Return

1. Expenses

Track all expenses related to your business and keep good records. Your accountant will give you a list of these, but major expenses include all wages paid, advertising, and cost of office space and equipment. If your business provided health insurance for its employees, that is a major expenditure that should be tracked. Additionally, check travel expenses and any transportation costs. 

2. Income

You must keep accurate records of all income received, whether it’s from sales or services rendered. Commissions, interest on investment accounts, and all other income must be listed. Also, have your previous year’s tax return on hand, if applicable. 

3. Cost of Goods Sold

If your small business sells physical inventory, keep accurate records of the wholesale price of all goods. The dollar value of your beginning inventory, the amount it sold for, and the removal of any items from your additional list must be monitored. The cost of all materials and supplies should be included here as well. 

If you’ve already set up your appointment for a small business tax return preparation meeting, arrive with the necessary items listed above. Joe Heard, CPA and his team are on hand to assist you in case you have any questions. He has more than 15 years of experience providing top accounting advice to residents in Checotah. Call (918) 473-1492 or visit his website for more information.