Tax season is often an overwhelming time for small business owners. Getting all of the necessary documents together to file and making sure you don’t miss any deadlines can be a daunting task that takes time away from running your company. Fortunately, working with an experienced accountant will relieve much of your stress. If you filed for an extension or follow an alternative fiscal year schedule, taking the following steps will help ensure your tax return is accurate and submitted on time.

Small Business Tax Return Preparation Checklist 

1. Organize Financial Records

Before any tax forms can be filled out, your financial records must be readily accessible for reference. It’s best to keep everything organized throughout the year, so you aren’t struggling to find an important document at the last minute. In most cases, you will need your bookkeeping records, bank statements, a profit and loss statement, and balance sheet. Your accountant might also ask for data related to payroll, legal fees, loan agreements, and insurance policies. 

2. Gather Receipts  

You will need to gather all of the receipts pertaining to your expenses and asset purchases. This will allow your accountant to make sure you’re taking advantage of every tax credit and deduction you qualify for. Depending on the type of business you operate, expenses may include marketing, travel, office supplies, utilities, and loan interest. Additionally, any large purchases you made, such as office furniture, business computers, and commercial vehicles, can be deducted, as long as you can provide the sale date and original price.

3. Schedule a Meeting With Your Accountant 

Showing up to your tax appointment without everything you need will likely delay your filing and any refund you’re entitled to. Thus, it’s a good idea to meet with your accountant long before the filing deadline, so you can write down all of the information they will require to prepare your tax return. Every business is unique; therefore, they might have a special request or certain documents they want you to provide based on your company’s activities.  

Filing for taxes can be complicated for anyone, especially small business owners, but hiring an accountant and keeping this checklist in mind will help you save more time, money, and stress come tax time. If you need a reliable professional to assist with your tax return preparation, contact Burch & Associates. They provide Lincoln, NE, residents with a range of tax services at competitive rates. For your convenience, they are available year-round to offer advice and make sure your company’s finances are on the right track. Call (402) 483-4791 to schedule a free consultation, or visit their website for more information on what they have to offer.