Dreaded Taxes

[Shawnee]

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.

[sharyl55]

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.

[KristinesShower]

I was just there today

He had me bring:

phone bill (jan-dec)

electric bill (jan-dec)

mortgage interest report

property taxes

insurance

inventory end of year

receipts 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!

[karenmimi]

Shawnee: I also own a bookkeeping and tax business. Give your tax preparer a list showing the following if they apply to your business:

Income

Expenses:

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 / Permits

Hope this helps some!

[Shawnee]

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!