Prepare your books for tax filing

The income record on your books should have all the revenue made over the tax year. Our QuickBooks Live experts review and reconcile your income transactions in your bank accounts and accounts receivable invoices.

Document receipts and invoices, for rent, utilities, and advertising costs. Make sure to categorize expenses to avoid missed deductions or complications during an audit. Our QuickBooks Live experts will review these to make sure they reflect in your books.

Our QuickBooks Live experts can help you prepare an accurate balance sheet for your tax preparation. Get essential info like current cash balances, loan and accounts payable balances, and asset depreciation.

Your books should include detailed payroll records that reflect gross wages, taxes withheld, and benefits like retirement account contributions or fringe benefits. It’s essential to make sure your payroll records are complete and accurate to avoid penalties.

If your business hires outside labor or independent contractors, it’s important to document their info and keep records of payments made to them throughout the year for services provided. This is essential for tax purposes.

Depreciation or amortization expenses include long-term assets like equipment, real-estate, or goodwill. Our QuickBooks Live experts classify these assets to make it easier for your tax preparer to track and maximize your deductions over their useful lives.

Clear and up-to-date records of what your customers owe ( accounts receivable) and what you owe your vendors (accounts payable) help you see your cash flow better. Our QuickBooks Live experts review these.

Maintain your cash flow better by keeping your account balances up to date. It’s important to classify your transactions and reconcile your books to the most recent time period.

• Employee forms:
  • W-4: Employee tax withholding certificate
  • W-2: Wage and tax statements for each employee
• Subcontractors and professional services:
  • W-9: Request for taxpayer identification number and certification
  • 1099: Nonemployee information form, including forms 1099-NEC and 1099-MISC

Getting Started

• Copy of articles of incorporation or bylaws including any amendments.
• Copy of IRS EIN assignment on form CP575.
• Copy of IRS acceptance letter of S election or previously filed Form 2553.
• Last year’s federal, state, and local tax returns (not applicable for new businesses in 2024).
• List of states and state ID numbers in which your business has a nexus or a presence that requires reporting.
• All amounts and dates for state and local estimated tax payments made.

• Prior-year depreciation schedules detailing asset cost, date placed in service, prior depreciation, and business use percentage.
• Date of purchase, cost, trade-in allowance, and business use percentage for all assets acquired during the tax year.
• Date of disposal, cost, sales proceeds, trade-in allowance, expenses of the sale, and accumulated depreciation for all assets disposed of during the tax year.

• Year-end bank, credit card, and loan statements
• Third-party app year-end sales reports (Square, Shopify, etc.)
• Annual payroll detail journal
• Copy or summary of all Form 1099 and W-2s issued
• Subcontractors and professional services income:
  • Total of 1099s received

• Square footage of office space
• Mortgage interest or rent paid
• Utilities
• Insurance policy
• Vehicle mileage
  • Business miles
  • Total miles