Tax return preparation is an annual headache for small business owners. Not only is it time-consuming, but mistakes are easy to make and can incur a costly penalty. When residents of La Crosse, WI, need help with their taxes, they turn to Gillette & Associates LLC CPA for accurate and efficient service. When you enlist their help, an accountant will ask for several items before proceeding. 

5 Items Your Accountant Needs to File Taxes for Your Small Business

1. Financial Statements

To submit your small business tax return, your accountant will need your financial statements. These include a balance sheet, cash flow statement, and income statement.

2. List of Capital Asset Purchases, Sales, & Disposals

For tax purposes, the IRS classifies your business property, excluding inventory, as capital assets. You should keep a list of any significant capital assets you buy, sell, or discard during the year so you can give it to your accountant at tax time. This will ensure you claim all eligible deductions and report your income accurately.

3. Vehicle Expense Log

Many small business owners use their personal vehicles to uphold their operations. If you keep a mileage log of use related to your company, you can claim a tax deduction on the figure. 

4. Home Office Expense List

If you operate out of your home, you can deduct home office expenses from your taxes. These deductions include portions of your utilities, repairs, and insurance costs, so they often result in significant savings.

5. Mortgage Interest & Property Tax Form

In addition to home office expenses, small business owners who work out of their residences can deduct a portion of their mortgage interest and property taxes. However, this only applies to the parts of your home you use exclusively for business purposes, so make sure to keep your personal belongings out of these areas.

When it’s time to submit tax documents for your small business, you can depend on the professional accountants at Gillette & Associates LLC CPA. They have served the La Crosse area for more than 20 years and will provide you with superior financial assistance. Call (608) 784-8355 to schedule an appointment or visit their website to learn more about their business consulting and accounting services.