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Feeling the Tax Time Crunch?

Feb 20, 2018 8:12:00 AM Kathy Dise QuickBooks, For Accountants, Bookkeeping

tax crunch checklist5-Point Checklist: What to Send Your Accountant

Where does the time go? If you are already looking at the calendar and wondering how to accomplish a lot of reporting in a short time for tax season, we understand. Even if you have reconciled your bank accounts, providing the right documentation and gathering lingering paperwork, receipts, etc. can be very time consuming and daunting.

Prioritize and Focus on These 5 Items:

1. Year-End Financial Statements

If you already reconciled your monthly bank statements-GREAT! Simply provide your CPA with the year- end financial information by sending them:

Need to reconcile your bank account quickly? Save time with these tips.

2. Other Income Documentation

  • Provide a copy of all 1099s
  • Outline distributions: Make sure your accounting software accurately details any equity contributions that were offset by distributions.

3. Capital Asset Purchases or Sales

Provide any details around price and market value, description, age and who you purchased (check, credit line or loan).

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4. Deductions

  • Total Charitable Contributions
  • Expected corporate profit sharing contribution (if not already paid)
  • Company-paid medical insurance for business owners
  • Home office? Total up all your utilities, mortgage interest paid, home insurance, property taxes and repairs for your accountant. Also provide some details around the size of your office space, relative to the house size, per square foot.
  • Don’t forget to check any personal accounts you may have used for business expenses.
    • Member’s Draw/ Contributions offsets expenses
    • Make a Journal Entry that would look like this:

5. Report of Total Auto Expenses and Mileage

You can either:

  • Keep details on repairs and maintenance, then deduct percent of use for personal or business.
  • Keep track of your business mileage and expense it.

Calculating your mileage can be a pain! Here's how small businesses keep track of travel mileage.

We hope this short list helps you prioritize where to spend your time on prepping for taxes. If you need help getting organized or generating financial reports, we are here to help! I am Kathy Dise, and you can reach me at

Kathy Dise

Written by Kathy Dise

Kathy has over 30 years experience helping small businesses succeed. As a commercial lender, commercialization expert and now as a QuickBooks diamond level advisor, Kathy understands the challenges small business owners face. Her experience helps business owners quickly accomplish their financial goals. As the owner of BudgetEase, Kathy works with clients to develop a plan to efficiently process 1,000s of small transactions so owners can make informed decisions. She lives in Shaker Heights, OH with her husband Ralph and enjoys golf, curling and walking in Cleveland’s fabulous Metro Parks.