Accountants In Johns Creek From Accounting Partners Say Stop Stressing
Here, the expert accountants In Johns Creek detail a four-step process to fight tax-time freak outs. Before we get into the four steps, do not let the overwhelming dread of filing taxes loom over your business. Taking your eyes off the prize is not helpful. As a business owner, it is your job to focus on your business. Tax time comes and goes every year like the seasons. Few look forward to filing taxes. And those few are most likely accountants. But there is no need for you to sweat filing your taxes. Accounting Partners is here to help you. Here are the four steps to a calmer you at tax time.
Step 1: Calm Down
Taxes are inevitable, but they do not need to feel like horror. So take a deep breath, picture your happy place, and feel calm. You can find a sense of calm with Accounting Partners as your accounting outsource resource. We are accounting professionals ready to complete your business and personal tax returns with ease. Freaking out and panicking about your taxes is not necessary. Please relax knowing that your taxes are in good hands with us.
Step 2: Gather Your Information
The most important step to filing your taxes is gathering your annual data and financial information. Having everything together in one place smooths out the process. Getting organized is a good way to reduce anxiety about tax filing. Here is a list of some of the most common types of information you may need to complete a tax return.
- Receipts – It is best to organize business expense receipts by date.
- Bills – Note the individual or vendor you paid on the bill or invoice. Also, note the type of services rendered and the dates paid.
- Legal Papers – Gather paperwork involving legal matters that affect your business or relate to a tax credit or deduction. These matters include divorce settlements, child custody agreements, real estate transactions, tax preparation, and more.
- Loan Agreements – Have any loan contracts along with any end of tax year statement indicating interest paid.
- Logs or Diaries – These typically note business mileage with travel dates and locations. A log will typically detail dates and locations associated with gambling losses and winnings or job-hunting activities and expenses.
- Tickets – Present tickets for business travel and lottery tickets if relevant.
- Medical and Dental Records – Medical savings account statements and any other pertinent benefit related records.
- Theft or Loss – Document a theft of loss with insurance, fire, and police reports, appraisals, and relevant photos and videos.
- Employment Documents – These can include uniform policies, dress codes, continuing education requirements, W-2 reimbursement statements, and employee policies.
Step 3: Audit Yourself
The self-audit is an important step that most people skip. Skipping this step is a mistake, and the consequences can be costly. The real benefit of auditing yourself verifies that all of your tax forms and information match your records. A professional accountant will notify you if there are inconsistencies. However, you should organize and audit your information before it goes to your accountant.
Step 4: Trust the Process and Your Johns Creek Accountants
One of the biggest benefits of having a Johns Creek accountant is having the ability to ask questions. It is no surprise that tax preparation software has question answerability limits. Asking now can potentially prevent problems, and a possible audit, down the road. Another bonus is that your accountant knows and understands the current tax law. Ensure you take advantage of all possible credits and tax deductions.
Accounting Partners Streamlines Tax Filing
Most business owners sweat tax season to some extent. It is coming, and it is a pain. But, like death, it is impossible to avoid. So, work with Accounting Partners this tax season. Our streamlined process is the antidote to tax-time anxiety and stress. Call 678.990.0924 for a free consultation to learn how filing a tax return the right way can help your business.