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Make Your Taxes Easier with this Detailed Checklist

Ronika Khanna CPA,CA

The deadline to file tax returns is quickly approaching, resulting in various degrees anxiety for some taxpayers and accountants. The most effective starting point is to evaluate your tax situation and prepare a checklist of the documentation that you will need with respect to your specific tax situation.

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Grab the Documents

FraudFiles

If you have access to any bank, credit card, or investment accounts online, it’s advisable to go into the accounts and download all available statements and supporting documentation. Do it right away in case you lose access to that account later. Income tax returns. Bank account information.

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Tax Changes for Payment Apps: What Small Business Owners Need to Know

xendoo

In the past, although all business owners were required to report their earnings on their Federal Tax Returns , only those who received payments of $20,000 or more through payment apps also reported their earnings using Form 1099-K. The good news is that this does not mean that business owners now owe additional taxes.

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Year-End Bookkeeping and Accounting Checklist for Small Business Owners

xendoo

Form W-2 is used by business owners to report salary information for their employees, as well as the taxes that are withheld from their paychecks. Employees need this information to file their personal tax returns. . This provides the insight needed to make the most informed decisions for your business.

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What happens if you get audited and don’t have receipts?

xendoo

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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What happens if you get audited and don’t have receipts?

xendoo

Receipts businesses should keep What happens if you get audited and don’t have receipts What to do when you don’t have receipts How bookkeeping and tax services help Why do businesses need receipts? Receipts are records and proof of payment for the income and expenses your small business claims on tax returns.

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How Do I Pay Myself and My Taxes as a Sole Proprietor?

xendoo

Because of this, you are only required to file a personal tax return. Income and expenses related to your business are accounted for on your individual Form 1040, Schedule C. While the Owner’s Draw is not subject to federal or state income tax, it is also not expense-able. Xendoo Online Bookkeeping is here to help!

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