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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

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Testimonials

We have worked with Leasa for a good number of years. We not only value her tax expertise, but also her personality and ability to help us work through issues on our level. She shows great respect and is readily available to help with our needs no matter how large or small.

Barbara Lambert and Krissy Venegas

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