How to Prepare Your Taxes for your Accountant
Mostly, people think that it is the job of the accountant to file tax returns and keep the record. Though, you pay them to manage your accounts and look after all the financial matters like taxation but still it is better if you provide them an organised record. It will not only save time of your accountant but it will be helpful for you to keep an eye on everything.
You really do not need to put an extra effort to make things easy for your account manager. To manage everything throughout the year is the key to prepare taxes for the accountant.
Instructions
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1
Arrange your receipts:
You should scrutinise your receipts as there is no need to attach personal receipts with the record. Only relevant proof of payment will help you to qualify for a tax deduction. You may hand over everything to your manager by thinking it is a time consuming exercise but necessary if your accountant calls you again and again to ask different questions. It will be more time consuming so you should arrange all the receipts in a separate file. -
2
Fill tax forms:
You should put the necessary information in the tax form. You will have to mention your source of income and details of services you provided. In some cases, you may need to give brief information about your clients.
However, do not leave everything to your accountant as he/she may miss something which will ultimately cause further trouble. -
3
Make a list of questions:
You should prepare a questionnaire for your accountant in case of any confusion. Sometimes, you don’t need to pay tax on some earnings so if you have alternative source of income then do ask your accountant about the tax status. -
4
Do your research:
If you have spent some amount on health care during previous year then provide you accountant complete details of the expenses so that he/she can apply for discount in the tax. -
5
Be advanced:
You should be aware of the recent amendments in the tax laws as governments announce relaxations in every budget but most of the people do not avail just because of ignorance. You should look for applicable laws for discounts and advise your accountant to forward your case on the basis of these laws.
This will also work as a wake-up call for your accountant and he/she work for you with complete dedication.
