B104.15c - Tax Prep / Filing Process |
This section gives a brief overview of this information. For more complete information see https://ZAP-Accounting-Software.com
Tax Prep
The bookkeeping gets done after the fact for January through November.
In the middle or end of December many people will do a bring to date on their books to get an idea of where they stand adn to make some adjusting transactions before year end.
Then, once all account statements are had in January for the December work, the bookkeeping is done as typical.
At that point in time, if a Balance Sheet for the year is prepared.
At that point in time, we suggest then aggregating all relevant items for your CPA or Tax Preparer in a google sheet. You'll learn what they need over time, but we give a copy away of an example of this at ZAP Accounting Software too.
If you have all of your systems in place and you are engaged properly with your bookkeeping, your year end work might add 1 hour of time to your normal bookkeeping routine, with zero procedural stress. That is not something most can currently imagine.
In the middle or end of December many people will do a bring to date on their books to get an idea of where they stand adn to make some adjusting transactions before year end.
Then, once all account statements are had in January for the December work, the bookkeeping is done as typical.
At that point in time, if a Balance Sheet for the year is prepared.
At that point in time, we suggest then aggregating all relevant items for your CPA or Tax Preparer in a google sheet. You'll learn what they need over time, but we give a copy away of an example of this at ZAP Accounting Software too.
If you have all of your systems in place and you are engaged properly with your bookkeeping, your year end work might add 1 hour of time to your normal bookkeeping routine, with zero procedural stress. That is not something most can currently imagine.
Tax Filing
At this point, we still suggest all Small Business people use a CPA for filing taxes. $250 to $400 for very simple filings with a single Schedule C should found. Find someone who is about helping you and educating you, not someone who is about scaring you. If your accounts are setup as instructed at ZAP Accounting Software, this is not the overwhelming process those before you have made it out to be.