Frequently Asked Questions
What If I Haven’t Tracked or Calculated My Income and Expenses
This may be the single most overlooked task by self-employed, and business owners new and seasoned. If you don’t or haven’t been tracking your income and expenses, or balancing your books, it’s advised to download your monthly financial statements for any months your business was active normally January 1st – December 31st.
- Label your business expenses and calculate the totals monthly, then annually.
- Label your income and calculate the totals monthly, then annually.
If you’re not up to the task, or simply lack the time Hire Us
What Qualifies as Business Expenses
A full updated list can be found here https://www.irs.gov/publications/p535
You may also provide your tax preparer with your expenses and the tax professional will apply the expenses accordingly.
