{"id":1585,"date":"2020-02-26T08:07:28","date_gmt":"2020-02-26T08:07:28","guid":{"rendered":"https:\/\/capflowfunding.com\/small-business-tax-how-to-prepare-for-your-trip-to-the-accountant\/"},"modified":"2024-10-08T11:38:15","modified_gmt":"2024-10-08T11:38:15","slug":"small-business-tax-how-to-prepare-for-your-trip-to-the-accountant","status":"publish","type":"post","link":"https:\/\/capflowfunding.com\/small-business-tax-how-to-prepare-for-your-trip-to-the-accountant\/","title":{"rendered":"Small Business Tax – How to Prepare for Your Trip to the Accountant"},"content":{"rendered":"
It\u2019s that time of year again – tax season. If you\u2019re a small business owner and you haven\u2019t started getting everything together for your annual trip to your accountant, now is the time. While the due dates for small business tax returns vary depending on the type of business you own, deadlines for filing most 2019 business tax returns are fast approaching.<\/span><\/p>\n Keep in mind, the filing dates can change from year to year due to weekends and holidays. In some instances, there may be opportunities to file for a small business tax extension. It\u2019s recommended you consult with your accountant if you think you may need an extension. Now that you know when to file, it\u2019s time to gather and organize what you need to take to the accountant.<\/span><\/p>\n While tax season can be stressful, making sure you are well-prepared before meeting your accountant can make the process much easier. Below is a list of the necessities. If you\u2019ve been using the same account year after year, they may already have some of this information on file. If this is your first visit to the accountant, make sure to bring this information with you.\u00a0<\/span><\/p>\n When it comes to tax deductions, there are some specialized deductions that require very specific documentation.<\/span><\/p>\n Your accountant will need to have all your payroll information including copies of employee\u2019s<\/span>W-2s, W-3s, and 1099-MISCs. You will also want to provide them with health insurance payment and bonus information as these are considered business tax deductions.<\/span><\/p>\n There are several tax forms that require a\u00a0 COGS (cost of goods sold) closing balance for the year. Your account will need the current closing balance as well as the previous year\u2019s to properly complete your small business tax forms.\u00a0\u00a0<\/span><\/p>\n Has your business purchased or sold any stocks or bonds during the year? Were there any owner investments or withdrawals? This includes any withdrawals made by the owner of a sole proprietorship or LLC as a form of salary. If there were, be sure to provide these records to your accountant.\u00a0<\/span><\/p>\n It is strongly recommended once you have gathered all the documentation we\u2019ve listed, you contact your accountant before your appointment to see if there is anything else they need. The better prepared you are, the easier tax season will be. If you struggled with the task of compiling all this information, it may be time to think about investing in software to streamline the process.\u00a0<\/span><\/p>\n If you\u2019ve considered this but lack enough working capital to make the investment, <\/span>CapFlow Funding Group<\/span><\/a> may be able to help. Our <\/span>working capital solutions<\/span><\/a> can quickly provide the funding you need to streamline your business. We work with business owners across various industries to find the best working capital solutions to their businesses on track. We are dedicated to providing the short-term working capital you need. Specializing in invoice factoring, we also offer merchant cash advances and work with trusted partners to make additional funding opportunities available. Our team will work tirelessly to see you through to success. <\/span>Contact us<\/span><\/a> today!<\/span><\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" It\u2019s that time of year again – tax season. If you\u2019re a small business owner and you haven\u2019t started getting everything together for your annual trip to your accountant, now is the…<\/p>\n","protected":false},"author":1,"featured_media":1589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1585","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-tips"],"acf":[],"yoast_head":"\n\n
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Small Business Tax Basics<\/span><\/h2>\n
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Specialized Small Business Tax Deductions<\/span><\/h2>\n
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Payroll Information<\/span><\/h2>\n
Inventory Total<\/span><\/h2>\n
Stocks and Bonds<\/span><\/h2>\n
Final Thoughts<\/span><\/h2>\n