PRIOR YEAR TAX RETURN
Make sure to come with your previous year’s tax return. This
1) helps the tax accountant get a better understanding of
your business, and 2) gives quick information about the
deductions your company has (or hasn’t) been taking.
YEARLY FINANCIAL REPORTS (IF AVAILABLE)
1) Profit and Loss
2) Balance Sheet
3) Statement of Cash Flows
The profit and loss report shows your business’s overall
profit (or loss) for the year, while the balance sheet
displays your company’s assets and liabilities. The
statement of cash flows shows all transactions affecting
your business’s cash account.
You should be able to print these basic financial reports
from nearly any accounting software program, though report
availability varies from software to software. Contact
your accountant or tax preparer to see if there are any
additional reports they might require or find helpful.
BUSINESS ASSET INFORMATION
Your accountant will need to know about any assets you’ve
bought, sold, or depreciated during the last year. Bring
any receipts, documents, or reports related to your assets
and fixed assets.
Tip: Some accounting programs have fixed asset reports or
fixed asset listings that you can run.
BUSINESS LOAN INFORMATION
You’ll also need information on business loans. If you’ve
acquired a new loan in the last year, bring the loan
agreement with you. Also, bring records of any loan
payments and/or accrued interest. This will ensure that
your accountant is up to date on your company’s total
assets and liabilities.
As a result of the COVID-19 pandemic, many small business
owners took advantage of loan and grant programs including
the Paycheck Protection Program (PPP), the Economic Injury
Disaster Loan (EIDL), and the EIDL Advance.
OPENING AND ENDING INVENTORY (IF APPLICABLE)
Several tax forms require a COGS (Cost of Goods Sold)
closing balance for the year. You should already have
taken an opening balance of your inventory at the
beginning of the year. Now do another inventory count for
the end of the year and bring the results to your
accountant so they can properly fill out your tax return.
STOCK AND BOND INFORMATION (IF APPLICABLE)
Bring information related to all stocks and bonds your
business has attained or sold during the year. You’ll also
need a record of any owner’s investments made into or
withdrawn from the company during the year.
Contact your accountant directly before your tax
appointment to see if there is any other information they