A Business Tax Preparation Checklist

Author: Taxxlution Accounting Professionals | | Categories: Accounting Services , Bookkeeping Services , Tax Services

Tax Preparation Checklist: The Ultimate Guide for Small Business Owners

Preparing for your tax appointment takes quite a bit of time and effort. Moreover, as a business owner, you need to juggle between regular business responsibilities and tax responsibilities which can be challenging to manage together. At Taxxlution Accounting Professionals, we understand that gathering all your documents, preparing your accounts, and filing your taxes on your own can be quite difficult. Not to mention, tax preparation can be viewed as stressful because the information you put together impacts how much you owe the government. Knowing what to expect and taking the time to retrieve all necessary documentation will allow you to handle your taxes quickly and easily.

To help you with this, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to prepare your business taxes accurately and file them on time so you can get back to the other important things in life.

1. Make sure to keep your business’s incorporation certificate handy.

2. Note down the business number and all other accounts with CRA (Canada Revenue Agency).

3. Make a note of bank account statements, credit card statements, and other accounts used for business and have them all ready.

4. Gather all expenses and income documents, along with receipts and invoices.

5. Note any changes in business ownership. If there are any changes, then get the right owner’s details of the business.

6. Get the proper structure of the business.

7. Record all profit and loss if you do your bookkeeping by yourself.

8. Compile the balance sheet of your finances.

9. List all fixed assets details.

10. Pull up previously filed tax returns.

11. Gather the previous year’s fixed assets balance (WDV) if you have any.

12. Capture all of your accounts receivable and accounts payable lists.

13. Make sure to gather the long and short-term loan statements.

14. Compile details of all employees.

15. Compile details of all subcontractor details if you have any.

16. Remember to note down investment statements, if any.

17. Ensure you have closing stock details at year-end.

18. Update your logbook if you want to claim mileage in your vehicle expenses.

19. Make sure you list foreign account bank statements if any.

20. Finally, gather sale bills if a fixed asset is sold.

In case you have any concerns about filing your business’s taxes, or you’re looking for an accounting firm to help simplify the process, reach out to the tax experts at Taxxlution Accounting Professionals serving in Edmonton, AB. We are a boutique accounting and bookkeeping firm that offers excellent financial solutions to small businesses and individuals. Backed by a team with extensive experience in accounting and Canadian tax legislation, we manage your books efficiently and in a timely manner. Our services include GST and HST returns, bookkeeping, corporate taxes, personal taxes, payroll services, and new business setup. We extend our services to clients across Edmonton, St. Albert, Sherwood Park, Nisku, Leduc, Devon, Namao, Beaumont, Woodbend, Acheson, Alberta, and other provinces.

To learn more about our services, please click here. If you have any questions, we’d love to hear from you. Please contact us here.