When you work with an accountant, you should do absolutely everything that you can to provide your accountant with all of the information that you can regarding your accounts and expenses.
Most people would bring along income statements, capital asset statements and other similar little burdens. However, the tax authorities are one of the most complex industries on the planet to deal with. They take being awkward and turn it into an art form, meaning that you can usually become confused as to what you actually need.
Does this sound familiar? Then you can make sure that your account has everything they need. Aside from statements for assets, payroll and income a few other forms exist that should be filed.
A wonderful part of using this tax document list, though, is that it makes sure you provide all of the information when first asked. As far as making your case easily heard and solved, then, this is going to make it much simpler in future to improve where you are in terms of your business being able to manage safe accounts is concerned.
Home Office Expenses
Another major income factor that for some reason gets lets out is home/office expenses. If you have an office at home, and it is your sole and only place of business, then you need to make change occur. If you regularly meet clients at your home and this is like your main place of office and business, then it should be made a note of.
After all, it’s got the potential to win you back some pretty nifty – and sizeable – home office expenses. Since many people now work from home it’s important that it’s mentioned. It’s now something that the government need to take into account and then enjoy using.
These expenses will usually include a percentage of utility bills, repairs, maintenance, insurance and mortgage interest/rent costs. These are all quite big expenses so getting a little return on all of them come the end of the tax year can feel pretty good indeed!
If you would like to keep pushing your business forward and seeing progressive returns, then keep this in mind. Having access to your home office expenses can really make a big difference when it comes to ensuring you make awesome savings.
Form 1098s
Your Form 1098 is a form that many people never seem to bother with putting through in their taxes. We don’t know why – it’s crucial that your CPA has a look at this alongside the ideas above. A major reason why they should always get the chance to look at your IRS Form 1098 is that it summarizes all of your mortgage and property tax payments. If you are due some form of deduction or return, then filing this 1098 will make that much easier to solve and work out.
Make your Accountants life easier by providing these.