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Learn about our outsourced bookkeeping services, get tips on accounting for small businesses, and more from the Tower Books blog.

How to Prepare for Your Tax Accountant with Tower Books

Every small business needs to file a tax return, which is why many business owners enlist the services of a tax accountant. But a tax accountant won’t do all the prep work for you. Before setting foot in their office, you need to gather a number of documents and produce several different financial reports. This can be quite a job in and of itself. With our bookkeeping services, your business will be prepared come tax season and enjoy the benefits of outsourced bookkeeping year round. Learn how to prepare for your tax accountant with Tower Books today.

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What to Do Before Meeting with Your Tax Accountant

Tax accountants often charge by the hour, so the last thing you want is to show up to your meeting unprepared. If you bring all the proper documents and keep your information organized, you can minimize the number of hours on your bill.

The first thing you should do is ask how to prepare for your tax accountant. Many accountants have a pre-made tax organizer, but if yours doesn’t, don’t be afraid to ask to have one created for your business. A tax organizer is a set of questionnaires or worksheets designed to prompt you for any information your tax accountant may need. To get a better idea of what to expect, take a look at an example online. If you aren’t working with a quality bookkeeper, you will most likely be asked to provide:

  • Last year’s tax return

  • Inventory totals

  • An income statement and balance sheet

  • Any reports, documents, or receipts concerning assets

  • Income records, such as copies of bank statements, sales invoices, or deposit slips

  • Expense records, including bills, receipts, bank statements, and credit card statements

  • Copies of employee W-2s, W-3s, and 1099-MISCs, as well as health insurance records

  • The amount of any estimated tax payments that were made throughout the year

If it’s your first time working with a particular accountant or firm, you may also want to bring a list of questions and preferences. For example, let your accountant know if you prefer to communicate via email, and ask how you can share documents securely.

For new and returning clients alike, be sure to ask when you can expect your taxes returns to be completed. If you have any other questions or concerns, make a list and send it in advance to your tax accountant to save time.

How to Prepare for Your Tax Accountant with Tower Books

You may notice that many of the documents and reports required by tax accountants involve daily transactions. By maintaining your books throughout the year, you won’t have to scramble during tax season. At Tower Books, we can get outdated books reconciled and keep your books accurate throughout the year. Our services are customizable to meet the needs of any small business and get you ready for tax season. We work with your tax accountant to ensure your accounts are reconciled, you have the financial reports you need, and you can meet your tax deadlines.

Prepare your business for tax season and keep accurate information all year long with Tower Books. For more information, read about our founder, Jane Tower, and the personal approach we bring to bookkeeping. To learn more about how to prepare for your tax accountant with Tower Books, contact us online or call (757) 512-8742 today.