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

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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

Working with Leasa and NoCo CPA's has been a pleasurable and positive experience.

Having several businesses and a few complicated tax situations over the years, Leasa has was able to provide professional, clear direction and assistance.

As with all accountants, don't delay in getting your information to them so they have plenty of time to work on your taxes.

Leasa of NoCo CPA's is fairly priced and she's always willing to help you out.

I highly recommend NoCo CPA's!

Miles

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