Is 2016 the first year you will be filing business taxes? If you haven’t sent your records to your tax professionals yet YOU ARE LATE! But don’t panic. We are here to give you step-by-step instructions to get the task done.
First, we recommend that you have some sort of accounting software if you don’t already. QuickBooks is a very good option.
Gather up your 1099s that you received for services provided. Even if you didn’t get a 1099, you need to report income you received, so add up your invoices.
Next you need to provide several accurate and complete documents. This includes
- Financial statements, including a balance sheet and income statement.
- Capital activity, including any major assets bought or sold, inventory on hand and bought and sold during the year.
- Office (home or remote) expenses, square footage of your home and percentage used for business, mortgage or rent expenses, mortgage interest and property taxes, and utilities.
- Vehicle logs and information including mileage used for business.
- Bank and credit card statements. Your accounting software should help with organizing expenditures, or you can do it by hand.
Are you still in a panic? Neil Miller Consulting is here to help!
We can show you how to organize your financial information so your tax professional doesn’t have to, which can save you from paying them for numerous, expensive billable hours. We can also do the bookkeeping for you on a one-time basis. Or we can offer you ongoing bookkeeping services throughout the year so that you are ready for all tax deadlines with time to spare.
Neil Miller Consulting will be there when you need us, for as long as you need us. Call Neil today at 917.974.6651. Learn more about what we offer by visiting our website www.neilmillerconsulting.com.