Tax season creeps up on us all and being behind on your books is more common than you might think for small businesses. Knowing you are missing essential information for your taxes and don’t have the staff to help makes the process of catching up even more stressful. When your books are a mess, you might need a little breathing room.
At McDonnell Richardson CPA, PC, we can help you get your books organized for the tax return(s) preparation. To lessen the burden on you, all we need is your receipts, bank and credit card statements and we will get your books ready and prepare your tax returns. There are expense categories unique to your small business, and we will make sure they are included.
The essential accounting/bookkeeping for income taxes is to recognize tax liabilities for estimated income taxes payable and determine the tax expense for the current period. Despite the complexity inherent in income taxes, the essential accounting is the need to recognize two items, current year and future years. And it all starts with getting your books organized