Filing for your tax returns can be time consuming and frustrating, it can also be very confusing for a non-professional to figure out. Whether it is state or federal taxes, having a professional Certified Public Accountant (CPA) prepare your taxes can help guarantee you are getting your full return. They are trained in taxes and know exactly what to look for as far as total deductions you can get from the IRS.
The benefits for small businesses
As a business owner filing taxes in Jacksonville FL, you need to have a massive stack of records and receipts from the previous year. Making heads or tails of it all is more hassle than most people want to deal with. Being able to bring all of those papers to a CPA firm and have them do the work they are trained in is a much easier route. It allows you more time to tend to your business instead of worrying about whether or not you have claimed every deduction properly.
Some of the many papers a business owner needs
Depending on the size and annual activity of your business, you may be required to supply receipts from services rendered, sales records and a complete inventory lists. A statement on your business checking account interest may also be required to apply proper deductions. The previous years’ expenses such as business trip transportation and other expenses, any commissions paid to subcontractors, prices and dates of any major assets sold and much more. You can get a complete list of required information when you contact a CPA and ask about business tax preparation services.
Filing for personal returns?
As a non-business owner, making sure you take notice of every deduction is important. Accountants are trained to check every area for a boost in your return, and the more information you can provide them the easier their job will be to benefit you in the end. Your personal identification is obvious; social security number, spousal information, date of birth, etc. Bring along past tax returns as well, your accountant can check them for accuracy. If you’re currently attending school or have records on loans, scholarships or grants bring those along as well. Don’t forget your employment information! Proof of current or past employment, W-2 form and any expenses you were charged for using a company vehicle. Contact your CPA for a complete list of information required; the more you are able to provide, the better your return can be in tax season.
