December 18, 2020

Tax Preparation Software

Tax Preparation Software hey there I'm Nicole lapin with your small business tax prep checklist first get all of your income records together if you receive a 1099 or, multiple 1099 s you'll need all of them if you sell a product or service directly to customers then you'll need sales records. And receipts if you earn any other kind of income from another source you'll, also need a record of that as well second if you have inventory you'll want to know a how much, you currently have the any recent inventory purchases and see any items that were purchased from inventory for personal use third you'll also want all the receipts and records for your expenses this one gets the most.

Questions because of course depending on your type. Of business you could have a whole range of expenses you might have personnel expenses operational expenses legal expenses and so on but to keep it simple.

Begin with basic things like office supplies and this could include your computer if. You purchased one for work but it also covers simple stuff like paper or printer ink if you spent money on advertising or hosting clients for meals those are expenses that you'll, want to deduct as well so grab those receipts and did you remember to.

Track your miles for work if you plan to deduct your business mileage you'll want to have that number available as well and if, you have a home office you'll want to know first the square footage of your, space and also the total square footage of your entire home and then potentially the total cost of your utilities and insurance go out.

Slay it .

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