In addition, keeping organized records ensures a much soother audit if your return is selected for examination.

For an individual, make sure to keep your records together. A few of the items you’ll want to keep are:

1.       Bills

2.       Credit card and other receipts

3.       Invoices

4.       Mileage logs

5.       Canceled or imaged checks

6.       Any information that may pertain to a credit or deduction you claimed

For a business owner the same will apply. However you may have additional documentation to track.

1.       Gross receipts or point of sales reports, bank statements, and reconciliation reports.

2.       Proof of reimbursements, such as meals, postage, mileage, and other items provided under a reimbursement plan.

3.       Employment tax records must be kept for at least four years. I suggest employing a payroll service, such as Primepay. Your records will be stored electronically online and always available.

4.       If you are using accounting software, be sure have it updated and reconciled at least quarterly. This will not only aid in management decisions but reduce your CPA expense during tax season. Also remember, accounting software is not a substitute for the supporting documentation required by the IRS.

No one likes tax time. You can make yours less stressful by keeping up with your records during the year, saving you both money and time that could be spent concentrating on your profession.

Our firm offers a complete range of accounting services. Our services include bookkeeping, compilation services, and accounting software consulting. We can also prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP) for use by third parties.

Tax time is a difficult time of year for both individuals and businesses. We are committed to preparing your tax returns in the best-informed, most ethical manner possible. We are qualified to prepare all federal, state, and local tax returns for individuals, partnerships, corporations, and fiduciaries.

We are able to further assist our clients with full service business valuation. Whether valuing business ownership interests, securities, or intangible assets, our reports are tailored to support a wide variety of client needs. We offer the flexibility of a variety of valuation types, making our reports as unique as our clients.