5 Things Your Account Needs To Do Your Taxes

 By Traci Barker - A&J Accounting & Associates

As a small-business owner, tax time can be stressful, as you scurry to pull together all of your receipts and try to remember everything you did last year. I will post five things that your accountant needs to do your business taxes.

 1. Financial Statements — A basic set of financial documents comprises a balance sheet, an income statement and a cash-flow statement.

2.  The Second document that your accountant needs to do your business return is a List of Capital Asset Activity — If you bought, sold, or disposed of any capital assets in the company during the year, you must account for it in your tax return.

3.  The third document is very important because we must prove the expense and the only way to do that is to have a Vehicle Log — If you sometimes use your own car for business purposes, you can claim a portion of the car’s operating expenses as a tax deduction against your business income.

4.  Summary of Home-Office Expenses — If your home office is your sole place of business, or if you regularly meet clients or customers there, you can generally claim home-office expenses. This is an expense that many people are entitled too.

5.  The fifth thing needed is 1098 Forms for Mortgage Interest and Property Taxes — Your mortgage company likely issued you a Form 1098 at the end of 2014 that summarizes your mortgage-interest and property-tax payments in the year. If you would like any information about any of the five documents I mentioned this week please call A & J Accounting for your free consultation.

 A & J Accounting has become one of the leading Firms in the area because of our high standards, service and specialized staff. The foundation of our practice is our attention to your needs, for the present and the future. Our firm provides outstanding service to our clients because of our dedication to the three underlying principles of professionalism, responsiveness, and quality. 239-829-0481