Here are the steps for your business taxes ready for tax time. They will save you money!
If you are using Quickbooks®, make sure all your bank accounts and credit card accounts are reconciled using the reconcilation feature within Quickbooks®.
Has money been spend using personal funds or credit cards? If so, please make out a list summarized by expense type.
Do you have business loans? If so, make sure that the balances in your Quickbooks® at year end match your lender's loan statements.
If you are not using Quickbooks®, complete a business cash flow sheet that starts with the beginning cash balance and shows all the cash in and the expenses, by type, that went out. The sum of the beginning cash plus inflows less out flows should tie to your end of year cash balance.
If you have questions or need help on any of the above steps, please call Michael at 585-249-9330.