What A CPA Needs To File Your Business Taxes

Tax season can be particularly stressful for small business owners. Even if you were meticulous in your recordkeeping, it’s hard to keep track of your tax filing checklist! And while an accountant can help you with some of the basics, you’ll actually want a Certified Public Accountant (CPA) to whip your books into tip-top shape for the IRS.

Our team at Hall & Company, an Irvine-based CPA firm, has a list of items you will need while filing your small business’s taxes:

Have your expense receipts ready

All business owners should have recorded documentation of all expenses related to their business. Itemize those expenses detailing the exact business purpose with the date and amount.

These can be utilities, travel expenses, insurance, or entertainment. And if you’re having a tough time discerning what does or does not qualify as a business expense, you can always ask your CPA what they expect you to have on hand.

Your business’s financial statements

These are basic financial documents that conventionally consist of cash flow statements, a balance sheet, and an income statement. This last item is the most important to your CPA when it comes to pouring over your books.

Capital asset activity

Anyone who sold, purchased, or gave away capital assets in their company will need to be sure they are accounted for on their tax return. Having a list of these handy for your CPA to analyze will allow them to spot any necessary changes. These can be anything from machinery used, buildings, or vehicles.

Vehicle expense logs

If you drive a lot for your business, it’s important to bring a record of things such as operating expense and miles driven.

Last, and it doesn’t always apply:

Payroll documents

This documentation is only necessary if you have paid employees registered on an active payroll. If so, be sure to bring all relatable records to your CPA as well.

(As an aside, there might be more to add to your checklist depending on if your business is a sole proprietorship or partnership, but you can always confirm with your CPA before arriving at their office).

If you have any questions or CPA needs, it’s worth choosing a firm that specializes in taking care of client’s financial needs with precision and professionalism.

At Hall & Company, we provide an array of advisory services including tax, accounting, and specialized support for all types of business professionals, from independent entrepreneurs to established CEOs. No matter how intricate a business challenge may be, our expert team is a business owner’s most trusted resource.

If you’re seeking help from an experienced team of CPAs, we can help! You can always contact us via email or call our offices at: 949-910-HALL (4255).