Shawnee Posted January 16, 2006 Share Posted January 16, 2006 I know this subject has been beat to death! However, this is the first year I'm having to file as a business. Can an experienced candle business sole proprietor give me a checklist of everything I need to bring to the accountant? Some of this gets pretty confusing! Since I'm due in a month in a half, I'm trying to get as much done as possible before our little girl makes her grand appearance. Thank you so much in advance! I'm in Texas if that makes any difference...obviously by the avatar..lol. Quote Link to comment Share on other sites More sharing options...
sharyl55 Posted January 16, 2006 Share Posted January 16, 2006 Call your accountant up and ask what you should bring. That way you won't be doing any extra work. Mileages is one a lot of folks forget. I write down every trip I make for supplies -- no matter where they are bought, as well as all sales calls, driving to FM and craft shows. Quote Link to comment Share on other sites More sharing options...
KristinesShower Posted January 18, 2006 Share Posted January 18, 2006 I was just there today He had me bring:phone bill (jan-dec)electric bill (jan-dec)mortgage interest reportproperty taxesinsuranceinventory end of yearreceipts for all business transactions (materials, shelving, computer paper, etc)mileage books (I have one for everyone - if they do an errand, it goes on the taxes)½ of my production is still at home, that is why I brought the house stuff.Best thing to do is call your accountant though & get someone that will sit down with you and really help you save a ton of money. I love my accountant - he is very helpful and gets me deductions EVERYWHERE! Quote Link to comment Share on other sites More sharing options...
karenmimi Posted January 18, 2006 Share Posted January 18, 2006 Shawnee: I also own a bookkeeping and tax business. Give your tax preparer a list showing the following if they apply to your business:IncomeExpenses: Advertising Business Promotion Bank Charges Entertainment/Meals Travel Office Supplies General Supplies (candle, etc. supplies) Contract Labor Home Office Deductions, if applicable Cell Phone (might want to do % of business use) Licenses / PermitsHope this helps some! Quote Link to comment Share on other sites More sharing options...
Shawnee Posted January 18, 2006 Author Share Posted January 18, 2006 Thank you so much for the responses! He called me the other day to give me the low down but left some of those things out. I'm really nervous about getting all of this done since it is my first year...of course I'm nervous every year when tax time comes around! It creeps me out! Quote Link to comment Share on other sites More sharing options...
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