What Your Accountant Needs to File for Your Business Tax Returns (Part 2)

In this second part of this multiple-part post, our trusted tax accountant in Framingham, MA, will tell you what else you need to bring with you when you seek the services for tax filing:

All Required Business Tax Forms

As a business owner, it’s necessary to make sure you have all the required tax forms with you when you visit your accountant or tax preparer. This will ensure that your taxes are filed correctly and promptly.

Some of the required business tax forms include:

• Form 1040-ES – This form is used to estimate your tax liability for the year.
• Form 1099-MISC – This form reports income from self-employment, rentals, royalties, or other miscellaneous sources.
• Form W-2 – This form is used to report wages, salaries, and tips earned during the year.
• Form 1099-INT – This form reports interest income earned during the year.
• Form 1099-DIV – This form is for reporting dividend income earned during the year.
• Form 1099-G – This form is used to report various government payments, such as unemployment compensation or Social Security benefits, among others.
• Form 1099-R – This form will show your distributions coming from pensions, annuities, or retirement plans.
• Form 1099-S – This form will report proceeds from the sale of real estate.
• Form 1099-B – This report proceeds from the sale of securities or commodities.
• Form 1099-K – This form reflects income from payment cards and third-party network transactions.

If you’re unsure which forms you need to file, your accountant or tax preparer can help you determine which ones are required for your specific situation.

Business Loan Information

When you go to your tax accountant to file your taxes, you must bring along some specific information about any business loans you have. This includes the loan amount, interest rate, and term. This information is necessary in order to calculate the deduction for business interest expenses correctly.

If you have a business loan, it’s important to keep track of this information so that you can correctly deduct the interest expenses on your taxes. This deduction can help save you a significant amount of money, so it’s worth taking the time to gather the necessary information.

Identification Details

When you go to your tax accountant to get your taxes done, you will need to bring more than just your tax documents. You will also have to bring some type of identification with you. This is so that the tax accountant can verify your identity and make sure that you are who you say you are.

Some of the identification that you will need to bring include:

• Your driver’s license
• Your passport
• Your social security card

The tax accountant will need to see one of these forms of identification in order to start working on your taxes. So make sure that you have them with you when you go to your appointment.

Conclusion

In addition to your annual documents and financial records, your accountant will need all business tax forms, your business loan information (if you have a loan), and your identification details. 

In the last installment of this article, we’re focusing on what you can expect from the tax accounting services you’ll get from your accountant. 

Ash CPA offers tax accounting services in Framingham, MA, and nearby areas. Get in touch with our accountants today to set an appointment!