Duluth CPA Teaches Having Sufficient Documentation to Prepare Your Personal Income Tax Return
Duluth CPA Teaches Having Sufficient Documentation to Prepare Your Personal Income Tax Return
Failing to Prepare is Preparing to Fail. When preparing your data to present to your CPA, it is one of the best times to ensure that you have all of the required documentation as well as to ensure that every legal, an no illegal, deductions are claimed. On the contact page of our web-site at http://www.hiscpa.com/newclient.html there is a checklist for you to use to ensure that you have all the tax items needed. Though the list is not intended to cover all items for all taxpayers, it is written in a thought provoking matter to lead taxpayers and preparers alike to be sure to report and consider all income and all legal tax deductions. Of course, the first best place to go is a copy of the prior year’s tax return, if prepared by a good CPA, to determine the recent past history of a client, while being sensitive to current changes in taxpayers home state, filing status, types of income, itemized deductions etc. Below is a sample of a letter we might send to a taxpayer to help them prepare the required data to ensure a return’s accuracy and completeness:
Please be sure to get to me copies of all income and deduction items that you have listed over $1000. By having in my file copies of these receipts/year-end statements in a file, a CPA can have a substantive percentage of the major deduction items that might be required in the event of an audit of a taxpayer’s personal return.
Frequently taxpayers inadvertently list items twice or fail to turn in an expense report for valid business items. Accordingly I remind taxpayers to please be sure to turn in expense reports for any business expenses listed such as business use portion of Mobile phone, CPA fees or auto lease. I believe the Life Insurance was already deducted on the corporate return. If not please turn in an expense report if business related. Please be reminded that tax law only allows to deduct premiums to pay for up to $50,000 of face value. Also the health insurance premiums your forwarded was already deducted on the corporate return, thus not allowable again on the personal return.
Also please note I will not need Auto Insurance, Home Insurance, or HOA fees as I have long understood you had corporate vehicle. FYI tax law does not allow a legal tax deduction for personal items.
Finding (and Tracking) Business Tax Deductions
Whether you are a new business owner or have owned your company for years, missed business deductions are a consistent cause of concern. Discover new ways and methods to improve your business tracking skills. To learn more visit http://www.hiscpa.com/maximizing-deductions.html
Business Expense Documentation
Business expenses and their adequate documentation is key to running a successful business. Learning the ins and outs of what is required will both raise the efficiency of how you run your business and ensure that you always have proper documentation in the event of an audit. To learn how best to track and record valid business deductions visit http://www.hiscpa.com/business-expenses.html
Contact HIS CPA PC (A Christian CPA Firm) today.
To learn more about tax entities and the taxation thereof visit http://www.hiscpa.com/article2.html There you will also discover a wide host of resources for Atlanta Entrepreneurs.
John Dillard is an Christian Speaker/Author and Certified Public Accountant in Duluth, GA. To See how he takes Christ along with him to work visit http://www.hiscpa.com/ and for his latest book Overcoming Life’s 9/11’s: Job’s Journey and a Voice of One: Nehemiah’s Prayer visit http://www.john-dillard.com/ or call John Dillard CPA today at 770.814.9304 (All Rights Reserved) Dare to Attempt Something so Great for the Kingdom of God that it is doomed to failure, lest Christ be in it!
We advise clients on: IRS representation, Offer in Compromise, Tax Problems, Incorporation in Georgia, Corporate and Personal Income Tax Returns, Part-time CFO, Virtual Controller, Business Planning, Offer in Compromise, Back Taxes, Bookkeeping.
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