NoCo CPAs
  • Facebook
  • Linkedin
  • RSS

4025 Automation Way #D1 (Map)
Fort Collins, CO 80525
Phone: 970-226-4686

  • Business Accounting
    • Bookkeeping and Payroll
  • Tax Prep and Planning
  • Blog
  • About Us
    • How We Work
    • Switching CPAs
    • Jokes
  • Client Upload
  • Pay Online
  • Contact Us

Tips to Reduce Your Tax Preparation Bill

Posted on January 16, 2013 by Leasa Magnuson in Business Tax

I am frequently asked by small business owners how to reduce their tax preparation bill.  So I have put together this little list of tips.

  • Reconcile all bank accounts and review outstanding checks and deposits for those that have been outstanding for over 6 months to determine whether they need to be re-issued or voided, while staying in compliance with state unclaimed property laws.
  • Review accounts receivable aging report for reasonableness, adjust allowance for doubtful accounts, and verify aging report balance ties to accounts receivable account on the balance sheet.
  • Perform a year-end inventory count and make any necessary adjustments.
  • Review prepaid expenses for reasonableness.
  • Review unbilled services for reasonableness.
  • Review accounts payable aging report for reasonableness and verify aging report balance ties to accounts payable account on the balance sheet.
  • Accrue payroll, if applicable.
  • Tie out loan balances to bank statements and verify accuracy of other liability balances.
  • Verify balance as of 1/1/12 in retained earnings has not changed from the prior year.  Verify against your tax return if necessary.
  • Review all income and expense accounts for reasonableness.
  • Verify net income on balance sheet ties to year-to-date net income on income statement.
Reduce Tax Prep fees, Tax Preparation

Comments are closed.

Recent Posts

  • Repair Regulations Part I

    June 11, 2014
  • How to Know if You Need to Make Estimated Tax Payments

    March 20, 2013
  • Tax Implications of Bartering

    March 8, 2013

Testimonials

Leasa has been my business and personal accountant for 7 years. She works closely with me to make sure that all my finances are properly tracked and organized and that I am maximizing all available tax breaks. She easy to get a hold of and always has the answers.

I have worked with several other accountants in the past and have always had issues. 7 years and so far things have been great!

Highly recommend!

Noah

© 2018 NoCo CPAs - Web Design By WTF Marketing

4025 Automation Way #D1 (Map), Fort Collins, CO 80525 - Phone: 970-226-4686