As tax season approaches, it is essential for business owners to be well-prepared to navigate this period with ease and efficiency. Here, we provide a detailed guide on the documents you and your accountant will need to process your taxes effectively.

General Documents

• Previous Year’s Tax Return: Having your prior year’s tax return on hand is crucial for reference, unless your business started in 2023.
  Current Year’s Sales Tax Returns: Ensure all relevant sales tax returns are included.
  Current Year’s Payroll Tax Returns: Include payroll tax returns for employees.
  Depreciation Schedule: Document the depreciation of fixed assets such as vehicles, equipment, furniture, and buildings.

Business Income and Expense Documentation

• Bank, Credit Card, and Loan Statements: Ensure you have all year-end
  statements.
• Sales Reports: Include year-end reports from third-party platforms such as
  Shopify and Square.
• Updated Profit and Loss Statement: This document is essential for accurately assessing your tax situation.

Employment Tax Documentation

Employee Forms

• W-4: Employee’s tax withholding certificate.
• I-9: Verification of the employee’s legal work status.
• W-2: Wage and tax statements for each employee.

Independent Contractors and Professional Services

• W-9: Request for Taxpayer Identification Number and Certification.
• 1099: Tax forms for non-employee workers, including 1099-NEC and 1099
  MISC forms.

Other Important Documents

• Payroll Reports
  
  • Monthly Gross Payroll Report.
  • Total Withheld Deductions.

Additional Considerations

• Office Space: Square footage of office space used.
• Housing Costs: Mortgage interest or rent paid during the year.
• Utilities: Basic service costs.
• Insurance Policy: Documentation of auto and health insurance.
• Vehicle Mileage: Detailed log of business-related vehicle use.
• Form 1098T and Education & Childcare Documentation: Includes school records and vaccination records.

Recommended Action
Start gathering these documents as soon as possible to ensure a smooth transition into tax filing. If you have any questions or need additional assistance, feel free to contact us.

At Regio Management, we are here to support you every step of the way, ensuring that your tax filing process is as smooth and efficient as possible. Thank you for trusting us with your financial needs.

Executive Summary

• Organizing Documentation: Having all necessary documents prepared and organized, such as prior year tax returns, financial statements, and employee forms, is crucial for an efficient process.
  Reviewing Deductions and Depreciations: Ensuring that all applicable deductions and asset depreciations are well-documented and updated to maximize returns and minimize tax liability.
  Attention to Specific Forms: Compliance with required forms for
  employees and contractors, such as W-2, W-4, I-9, W-9, and 1099, is essential to avoid errors and potential penalties.
• Additional Considerations: Do not overlook details such as office space, mortgage interest, utilities, and insurance, which can impact deductions and the final tax filing.
• Professional Support: Seeking expert assistance from Regio Management can simplify the process, ensure tax filing accuracy, and provide peace of mind during tax season.

These key points are essential for any business owner looking to be well-prepared
and compliant with all tax obligations efficiently.