2020 Tax Checklist

It’s tax season!!!!

This week’s lesson will be quick and to the point. It’s time to get your 2020 Taxes done. The IRS will begin processing and accepting 2020 Tax returns on Friday, February 12th.

I’ve included a checklist for you to follow to prepare yourself to file.

Now, this list isn’t all-encompassing but it should give you a good idea of what to have ready for your CPA/Accountant. As a business owner, I encourage you to hire a CPA/accountant that specializes in taxes. Not all CPA/accountants are created equal and some are much more familiar with working with small business owners. I know it may be tempting to handle your own taxes, get a friend, or even go to one of the larger tax companies, but in my experience, small firms are more advantageous for us. 

In addition to the checklist, my biggest piece of advice is to make sure you know your numbers!

Reconcile ALL of your business expenses and revenue for 2020. 

Excel is your best friend.

Quickbooks is your best friend.

And if you are dreading this process because your stuff aint together, it may be time to think about working with me and a bookkeeper in 2021.

As always, let me know if you have any questions!