Tax season is approaching quickly. It is the time to wrap up the year and collect reports and documentations needed for your tax preparer. To make things smoother for the preparer and hassle free for you, Greg Harr, Partner at OFWF, a full service accounting firm serving the Greater Omaha area suggested focusing on these documents:
The general ledger
Year-end bank statements
Details of expenses
Payroll tax returns
Fixed asset schedules
Payments to independent contractors (1099’s)
“The importance of keeping good records in all areas cannot be overstated”, says Greg. “If you are ever audited, good records makes it easier.” Providing your tax preparer with a comprehensive package makes their job easier, reduces the likelihood of audit-triggering errors, and may even save you time and money.